KuCoin Invests $3M In Bitcoin Australia As It Looks To Expand In Australia
Cryptocurrency exchange Kucoin has announced a strategic investment in Bitcoin Australia in an effort to expand its footprint in one of the most important crypto markets.
KuCoin, one of the top 100 cryptocurrency exchanges in the world, is eyeing the Australian crypto market with a new multi-million dollar venture.
The Singaporean-based crypto exchange platform is set to expand its operations into the Australian market by partnering one of the top local exchanges Bitcoin Australia.
KuCoin invests in Australia
According to reports published in the Australian Financial Review, KuCoin recently invested $3 million into the Australian exchange. The two platforms have a clear agenda when it comes to how to maximize benefits.
This investment is part of a two-pronged expansion mission in a venture that promises to be synergistic, according to Bitcoin Australia CEO Rupert Hackett.
Hackett said joint venture will create an exchange that caters for both the intermediate as well as advanced investors.
“We’ll build the consumer-friendly retail experience for people entering the market while supporting KuCoin for advanced traders”
Bitcoin Australia will use the opportunity to not only expand into the local market but also look to make it easier for new investors to trade cryptocurrency.
For its part, the Singaporean giant will increase its presence on the international scene, mainly targeting high-end investors.
Kucoin is a crypto-to-crypto exchange but will be launching fiat-to-crypto services later in Q4 2018.
It currently employs 300 people, providing services to more than 4 million people. It offers traders a chance to buy and sell over 300 different types of cryptocurrencies.
The exchange’s CEO Michael Gan confirmed investing in Bitcoin Australia, saying:
“This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally.”
KuCoin ranks 59th on XBT.net and has seen about $13.5 million worth of crypto traded in the last 24 hours. The top crypto pairs are ETH/BTC and BTC/USDT as shown below.
Bitcoin Australia planning long-term growth plan
Bitcoin Australia’s rapid rise in the Australian crypto space and in selected markets could get a further boost from this deal.
The Australia-based exchange first launched its services in 2015. And apart from the local market, the company has expanded its own operations to Canada and the Netherlands.
Hackett believes that this is just the beginning for the company in terms of its growth potential. He claims that they are planning on entering 30 countries, and an aggressive campaign should see it reach that target by December 2020.
According to Mr. Hackett, this was the right time for them to make a move from just three markets to the numbers projected above.
An improving regulatory climate
He said that the regulatory landscape in Australia at the moment made it an excellent testbed for expansion into new markets. The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently introduced new regulations meant to monitor cryptocurrency exchanges.
Hackett believes these measures are going to help and termed the AUSTRAC regulations as ‘progressive’ and reflective of the global climate.
He added that Bitcoin Australia is a regulated cryptocurrency exchange and can, therefore, leverage that regulatory backing to build trust as it enters other international markets.
U.K. and European Union as prime candidates
The company has identified the U.K as its next prime candidate, however, other European markets are also being considered in tandem.
The local exchange has cultivated a great reputation as a bitcoin trading platform that also enables investors to buy Ethereum (ETH).
Crypto punters can also buy BTC and ETH at over 1200 newsagents thanks to its partnership with Blueshyft, an Aussie-based payments platform.
According to Hackett, Bitcoin Australia’s ambition is to be a trusted bitcoin platform. That is the reason the company has opted against the ICO as a method of raising funds for its operations.