Coinbase Launches Its Digital Currency Service In Australia
Coinbase, the world’s most popular Bitcoin and Ethereum wallet, has decided to take a step further by expanding their operations to Australia. With this latest addition, the digital currency exchange provider now supports 33 countries from around the world.
Coinbase has currently started only with its buying service in Australia. This means that customers here can now buy Bitcoin and Ether, the two digital currencies, using their debit and credit cards as modes of payment. This is unlike how it is in the U.S., where users can also purchase by linking their bank accounts. The selling service, though not available at the moment, will be added as a function later on in the near future.
In addition, the ETH/BTC trading pair is also being made available by Coinbase on their Global Digital Asset Exchange platform for the Australian customers.
Australian residents can buy the digital currencies in two ways. One, they can visit coinbase.com and go to the Trade page. Two, they can visit their Android or iOS apps and click on the Buy option to add their debit or credit card (MasterCard and Visa) before buying it.
At this juncture, it’s also important to remember that Australia has not welcomed the digital currency as easy as expected. The Australian taxation office had decided in 2015 that bitcoin would not be accepted as a form of currency, but more like a commodity. Owing to this decision, using it entails a heavy tax burden.
Founded in June 2012, the San Francisco based company has been seeking to grow their network to new countries and the launch in Australia comes as a response to this. Ankur Nandwani, product manager of Coinbase, reported that they feel that Australia has the potential to be a big market in the long run.
Ever since Bitcoin and Ethereum entered the world market, they have been changing the way how people have been viewing and thinking about money. Coinbase now has 4 million users and is still growing.