Coinbase, OKX target crypto in Australia’s $2.8T pensions
The post Coinbase, OKX target crypto in Australia’s $2.8T pensions appeared on BitcoinEthereumNews.com.
Coinbase and OKX are moving into Australia’s vast retirement savings market, betting that digital assets will gain a lasting foothold in one of the world’s most closely watched pension systems. Summary Coinbase and OKX are rolling out crypto investment products for Australia’s A$4.3T pension system, starting with self-managed super funds. SMSF crypto holdings have grown sevenfold since 2021, with Coinbase reporting 500 investors already on a waiting list. Regulators remain cautious, warning of volatility and reminding investors that superannuation is meant to preserve retirement income. Bloomberg reported on Sept. 1 that the two exchanges are preparing products designed for self-managed superannuation funds, which account for about a quarter of Australia’s A$4.3 trillion retirement pool. These funds allow individuals to manage their own pension investments, giving them more flexibility than traditional superannuation providers that have so far steered clear of crypto. Crypto finds a path through SMSFs Interest is already building. According to tax office data, SMSFs held around A$1.7 billion in crypto as of March, up sevenfold since 2021. Coinbase plans to launch its SMSF service in the coming months, with more than 500 investors already on a waiting list. Surveys show that most intend to commit up to A$100,000 into digital assets. OKX introduced a similar service in June and says demand has been stronger than expected. Both firms are also offering guidance for investors setting up SMSFs, referring them to accountants and law firms that handle the administrative and compliance costs required for these funds. Coinbase says the offering will be aimed more at long-term holders than active traders. Rising demand meets regulatory caution Adoption appears to be split by generation. Older investors are adding crypto to existing SMSFs, often encouraged by younger relatives, while younger Australians are opening new funds earlier than in past decades and leaning…
