KuCoin, a cryptoexchange located in Singapore, is invading the Australian cryptomarket by financing a legislated Australian exchange, thereby becoming a part of newly created joint enterprise.
According to the local media outlets, KuCoin has financed Bitcoin Australia, a cryptoexchange for BTC and ETH trading in Australia, with 3 million Australian dollars, making a step towards international expansion with its entrance into the Australian cryptomarket, aiming particularly on high-profile, renowned financiers.
In the meantime, Bitcoin Australia will utilize the inflow of funds in order to finance its own attempts at expanding the operations on the global market of retail financiers. The Australian cryptoexchange has been established in 2015, having already set up its branches in Canada and the Netherlands. Rupert Hackett, the CEO of Bitcoin Australia, stated that the firm’s own expansion campaign will focus on 30 states before the end of 2020.
Despite the fact that the firms are aiming at different markets, both of them are inclining towards joining their ventures, therefore establishing a versatile cryptoexchange for traders of both intermediate and advanced level, maintaining a mass-market style of approaching business. The companies intend to establish retail experience that would be friendly for the new-coming consumers, as well as attract experienced, well-seasoned cryptotraders.