Australian Crypto Ecosystem Expands as Binance Eyes Antipodean Shores
Malta based Binance is setting itself up for global domination in the crypto industry. Whatever market sentiment may be at the moment, the company has not been deterred as it reportedly eyes antipodean shores for its next crypto exchange.
Binance Branches Out
According to Aussie crypto outlet Micky, Binance boss Changpeng Zhao said that the firm is actively looking at an Australian branch of the exchange. The outlet spoke to CZ in an interview in Singapore this week as it gleaned more details on antipodean ambitions.
The report added that a ‘Lite’ version of the exchange already operates in Oz but it only offers limited services that provide a selection of coins for sale in cash at select retail outlets. CZ added;
“We are looking at different options to turn on Binance Australia, it may not be this year so hopefully early next year sometime we will turn it on.”
There was no definite time frame for the launch down under but it is expected to be the latter half of next year. Binance is likely to focus on larger markets before launching in Australia which has a growing level of crypto penetration. The government has taken a pro-crypto stance and the scene is maturing slowly.
The enigmatic exchange CEO met with South Australian Premier Steven Marshall back in August when Adelaide was promoted as the perfect place to ‘BUIDL’ a blockchain city.
An inaugural tech and blockchain event dubbed ‘SouthStart’ has been running this week in the southern capital which will have a heavy focus on crypto and its future in Australia. As awareness grows the number of outlets accepting crypto payments will increase and Adelaide is one city that is already onboard.
Crypto Australia Growing Steadily
According to the country’s inaugural research survey, the Independent Reserve Cryptocurrency Index (IRCI), 17% of Aussies already own some crypto. The study aims to examine Australia’s understanding, trust and confidence in crypto assets, as well as adoption prospects across the island nation.
The research revealed that over a third of millennials and more than a quarter of generation Zs already hold some form of digital asset. IRCI CEO, Adrian Przelozny, added;
“Like the property market for the generations before them, younger Australians are seeing cryptocurrency as a method of increasing their overall wealth in the long term.”
Other findings from the survey claim that one in five Aussies are likely to buy crypto in the next six months and the majority under the age of 44 believe crypto will be widely accepted by people and businesses. Retirees as expected were more skeptical thinking that it will not take off in the future.
The IRCI benchmarked Australia’s understanding, trust and confidence in cryptocurrency at 42 points out of a possible 100 with Przelozny calling it a number that indicated optimism and a maturation of the crypto industry.
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Martin Young, Khareem Sudlow