Cryptocurrency exchange Coinbase launches unit in Australia

Coinbase's vice president of international and business development said that the exchange ran into problems because of regulators during the expansion.

U.S.-based cryptocurrency exchange Coinbase will expand its services in Australia. It will launch a local division and an updated suite of services for retail crypto traders, hinting that institutional products are coming soon.

In an interview, Nana Murugesan, Coinbase's vice president of international and business development, said that building during bear markets "has more than paid off during bull markets" and that he is confident in what he sees in the local market.

"Australia is definitely far superior in the APAC region and certainly globally. And in terms of revenue contribution, I feel pretty good about what it's going to do," Nana complimented. And then lifted the veil of mystery as to how such a significant exchange is developing a new country:

"With the token mapping work going on right now, there are a lot of technical questions that we're getting from Treasury and other agencies. [...] Deep technical issues are another thing we're seeing deeper in Australia than in some other countries."

Because some countries in the region have unclear cryptocurrency policies, Coinbase is likely to be "more focused on markets that have clarity or are headed toward it," he said.