Singapore-based cryptocurrency exchange KuCoin has confirmed a significant investment in Bitcoin Australia as both businesses plan overseas expansion of their brands.
Speaking to The Australian Financial Review, Bitcoin Australia CEO Rupert Hackett expressed confidence in the companies’ complementary visions.
While Bitcoin Australia favours a mass market approach,
[KuCoin] will effectively create an exchange for intermediate and advanced traders, making us quite synergistic, Mr. Hackett explained.
“We’ll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders.”
On LinkedIn, KuCoin CEO Michael Gan shared the news with users.
“KuCoin has accomplished investing in Bitcoin Australia, a leading Australian cryptocurrency exchange,” he said.
This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally.
Founded in 2017, KuCoin aims to provide “convenient and exceptionally secure” services with a daily trading volume of $320 million and exchange services for more than 300 trading pairs.
The company describes itself as “the people’s exchange” and has introduced tokens called KuCoin Shares (KCS). These allow users to earn money while simply holding them. Their popularity has led KuCoin to develop a calculator for investors to keep track of their earnings. For instance, buying 10,000 KCS at $1.12 today will passively earn $327.4 USD over the next year.
It is part of KuCoin’s customer first approach, and the majority of platform trading fees are allocated to users who recommend new users, or users holding KCS.
As one of the world’s largest exchanges, KuCoin brings more than capital to the partnership with Bitcoin Australia.
The company is an example of successful international growth with more than 300 employees at offices in the Philippines, Bulgaria, China and Thailand. This will be a helpful reference point as Bitcoin Australia prepares to launch its services in the United Kingdom.
Bitcoin Australia’s CEO is aware of the challenges of expanding abroad, but ultimately sees it as a way to improve the company’s brand. It is part of KuCoin’s customer first approach, and the majority of platform trading fees are allocated to users who recommend new users, or users holding KCS.
We offer the ability to purchase cryptocurrency already, Mr. Hackett told the Financial Review,
but there’s a big difference between that and a bespoke experience. We want it to be seamless with the payment infrastructure in the UK and build up the brand.
The move to expand comes after the introduction of cryptocurrency exchange regulations by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Mr. Hackett praised this development.
“[The AUSTRAC regulations] were very progressive based on the global climate. Because we’re a regulated cryptocurrency exchange, we can leverage that in these international markets and foster business relations on that foundation.”
Bitcoin Australia also has a presence in Canada and the Netherlands.
Liz is a Canadian journalist and writer for Bitcoin Australia. Connect with her on Twitter @Elizabeth_Utley, or on Linkedin as Elizabeth Utley.