Crypto Exchange Invests $3 Million in Bitcoin Australia for Expansion

[oksgvardukraine2018]

Singporean Crypto Exchange Invests $3 Million in Bitcoin Australia for International Expansion
Singapore-based cryptocurrency exchange KuCoin has marked its foray into Australia with a multi-million investment in a regulated domestic exchange, part of a new joint venture.

The Australian Financial Review is reporting that KuCoin has invested the AUD $3 million investment in Bitcoin Australia, a domestic exchange that enables bitcoin trading and ethereum buying, enabling the Asian exchange operator enter the Aussie market with a marked focus on high-end, advanced investors.

Bitcoin Australia will meanwhile use the newly gained finances to fund its own expansion efforts into retail investor markets around the world. Founded in 2015, Bitcoin Australia has a presence in Canada and the Netherlands beyond its shores presently. Chief executive Rupert Hackett claims the company’s own aggressive expansion will target 30 countries before the end of 2020.

While targeting different markets, both companies have “clear synergies” leading to the joint-venture, the executive said, telling the AFR:

“It will effectively create an exchange for intermediate and advanced traders, while we’re a mass market approach, making us quite synergistic. We’ll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders”

A crypto-to-crypto only exchange, KuCoin is currently working on the alpha version of its fiat exchange that is expected to launch in Q4 2018.

The exchange has seen $10.5 million in transactional volume over a 24-hour period, according to data from CoinmarketCap. The exchange employs 300 people and has over 4 million users on its platform, according to the report.

“I want to confirm that this is true,” KuCoin chief executive Michael Gan said of the company’s investment. “This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally.”

Bitcoin Australia’s newly-gained investment toward expansion plans comes at a time when domestic exchanges are regulated by the Australian Transactions and Reporting Analysis Center (AUSTRAC). Introduced in April, the regulations mandate domestic exchanges to enroll in the watchdog’s register while complying with know-your-customer (KYC) and anti-money laundering & counter-terrorism financing (AML/CTF) norms.
https://www.ccn.com/singporean-crypto-exchange-invests-3-million-in-bitcoin-australia-for-international-expansion/

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[ranman09]

Great milestone for KuCoin. I hope this last. I hope also that they expand also in U.S. Hope this encourage more users.

[chidrawarster]

If the news is true, thats a great news We are expecting such news which would help in boosting the market and making market sentiment positive as well.Such large investments only good firm like kUcoin can do and i also hope they expand to other countries as well and promote the crypto space in a more viable manner.I appreciate this action and would feel more happy if this keeps boosting the markets present trend.

[jefrystar]

It can be assumed that in the coming days cryptocurrency boost the whole market. Mining and investing encourage different types of people to buy bitcoin which has a positive notion in this field. The others country also encourage to inter this crypto market in future.

[m.awanda]

This is really a good news for the crypto market. This steps is going to boost  the price of bitcoin and people largely connected to the market which enrich the value of bitcoin. I think Kucoin is getting hight to its value in future.

[SladderyNewS]

As we can use cryptocurrency as a day to day payement. Kucoin  is a easy way for people to use for  what investment in thisn field is rising day by day for the place like this.

[learningcrypto5421]

It’s a great news for this market. I believe in near future they will expand U.S also and they will influence to other people to invest on this market.

[SoliDCoiNs777]

Ku Coin has been reaching a lot of great heights in the market till date. Plus this is a good news too. This will make the market even more popular, something that we really need to attract more investors and to rectify the price levels of the coins in the market.

[cxmyifan16]

I find this information very interesting. To my mind, soon every country will see that crypto is our future and we can't without it. the best coin is btc and ether and maybe Ripple as well

[easycoin995]

This is a good news indeed. This would make the market more popular and at the same time will attract more investors in the market too. And getting this amount of large investment will play a part in making the price conditions of the market better.

[Horraygram]

This sort of large investment can be expected from KuCoin. At the same time it is a good news that this being initiated because it will case a buzz in the market and will make the market more popular.

[Wrathhawk]

So far, from the reports, Australia has been doing really great in regards to bitcoin and cryptocurrencies. The people investing in bitcoin doubled there and now that Ku-coin is expanding into Australia and got a bit of leg up there, that's a plus for them. I wish other countries would do same. Seems to be a rich opportunity to miss out on.

[dothebeats]

The Aussies seem to be having the party for cryptocurrency-related news as of late, and while thee trolls and the FUDsters are at it causing yet another drama and wave of fear-mongering, those big corporations and services are trying to get their hands onto some 'uncharted' territories for crypto. KuCoin is also establishing itself in the global crypto community and with their partnership with Bitcoin Australia (which is a pretty determined group), it will certainly get the boost the Aussies needed in terms of spreading crypto awareness.

[Silentsweeper785]

In the event that the news is valid, that is an extraordinary news We are expecting such news which would help in boosting the market and making market slant positive too. Such vast speculations as a rule decent firm like KUcoin can do and I additionally trust they extend to different nations too and advance the crypto space in a more reasonable way.

[hirngespenst]

I am using an Android app to get the latest update about the crypto market. Maybe yesterday I got a notification about this news! I was feeling good that someone step forward to recover the crypto market value! I hope we will be seeing more big investors coming to crypto market. In July some big companies invested in Ethereum and the total crypto market go a high pump! Maybe something will come like that.

[happyme1818]

I thought that Kucoin is based in Hongkong and not in Singapore. But if this is true, it is a good news for Kucoin users and traders around the world. I hope this exchange would be more transparent than before.

[Horraygram]

I think it is a great news for the crypto lovers in Australia. What crypto exchange has done is unforgettable. I think it will motive other users also. Let’s hope for the best!

[Champeon]

If the news is really true then it’s a great decision has been taken by the Australian government. We appreciates this great move. I think now the crypto lovers will get some encourage from now.

[liripoop]

I hope it lasts and no problems occurs. Thanks to the Australian government for accepting cryptocurrency and also to the crypto exchangers for investing $3m. it will help to encourage the crypto lovers in Australia.

[creeps]

I thought that Kucoin is based in Hongkong and not in Singapore. But if this is true, it is a good news for Kucoin users and traders around the world. I hope this exchange would be more transparent than before.

They will now invest a big amount like this if they don’t see potential in this market. We should also be like this exchange. We must continue to take the risk and invest more during dump market. This exchanges are makig moves now to earn more, congrats for this one. We should follow their footsteps.