According to John O’Loghlen, managing director of Coinbase for Asia-Pacific, the exchange is creating a service tailored to the needs of self-managed pensions in Australia. This news was reported by Bloomberg.
The connection between cryptocurrency and pension funds and retirees is not particularly new. Since March 2019, self-managed funds in Australia have been holding more and more cryptocurrency.
The Australian Taxation Office recently released data showing that approximately A$1 billion ($664 million) is earmarked for cryptocurrency. Compared to just A$197 million in December 2019, that is a sharp rise. According to Reuters in March 2023, thousands of Australians who gambled on cryptocurrencies using self-managed pension accounts even lost millions of dollars.
. According to O’Loghlen, Bloomberg, “self-managed super funds might just make a single allocation, set it and forget it.” Our goal is to trade with and retain those clients by providing them with exceptional one-time service.
The recent momentum the crypto sector has garnered with spot-ETF approvals in the U.S. and the possibility that Australia may see similar approvals this year might be the driving force behind interest in the self-managed pensions space from a cryptocurrency standpoint. O’Loghlen stated, “We don’t see this as cannibalising the ETF players, but rather a rising tide and enough interest for someone to come in through their own self-managed portal.”