Coinbase to Target Australia's Self-Managed Pension Funds: Bloomberg

Coinbase is developing a service that will specifically target Australia's self-managed pensions sector, the exchange’s Asia-Pacific Managing Director John O’Loghlen told Bloomberg.

Crypto’s relationship with the pensions sector and retirees isn't exactly new. Self-managed funds in Australia have increasingly held crypto since March 2019. According to the latest data from the Australian Taxation Office, nearly A$1 billion ($664 million) is allocated to crypto. That’s a steep increase from only A$197 million in December 2019. Thousands of Australians who used self-managed pension funds to bet on cryptocurrencies have even lost millions of dollars, Reuters reported in March 2023.

“Self-managed super funds might just make a single allocation, set it and forget it,” O’Loghlen told Bloomberg. We are working on an offering to service those clients really well on a one-off basis—to have them trade with us and stay with us.”

Coinbase did not immediately respond to CoinDesk's request for comment.

Crypto interest in the self-managed pensions sector may be driven by the recent momentum the crypto sector has gained after spot-ETF approvals in the U.S. and the likelihood that Australia, too, could see similar approvals this year.

“We don’t see this as cannibalizing the ETF players, but more a rising tide and a big enough interest for someone to come in through their own self-managed portal,” said O’Loghlen.

Read More: Australia’s Tax Office Tells Crypto Exchanges to Hand Over Transaction Details of 1.2 Million Accounts: Reuters