Cryptocurrency in Australia is slowly but surely gaining traction, and more firms, both local and global, are looking to get into the space. Although the Australian government hasn’t made any strict policies on crypt derivatives, the crypto exchanges are cautiously proceeding in this market. Despite the glaring differences between traditional finance institutions, the crypto exchanges face stiff competition from global crypto juggernauts.
The Top Crypto Exchanges Firms in Australia
1. Gemini
Gemini is among the first global exchanges to set up shop in Australia in mid-2019.
2. Kraken
Kraken its operations in June 2020, 12 months after Gemini moved into Australia.
3. Binance Australia
Just a month after Krakenentered the Australian market, Binance Australia followed suite through its registration and operational partner, InvestbyBit Pty Ltd. Binance places ninth on iOS’s finance apps and fifth on the Google Play store.
4. Swyftx
Swyftx is one of the fastest-growing marketplaces in Australia it also places 28th among finance app downloads for iPhones and 12th on Android.
5. CoinSpot
Today, CoinSpot’s rank is 5th in reputation in the finance class of iOS gadgets and 6th on the Google Play store.
6. Crypto.com
It’s ranked 4th on iOS’s finance apps and seventh on Android’s Google Play Store.
The Impact of Competition on the Australian Crypto Exchanges
The local Australian exchanges claim that more prominent global firms like Gemini, Binance and Kraken are not a threat to their existence. Tommy Honan, head of strategic partnerships at Swyftx, explained that monetary companies in Australia had withstood competition from global companies in the past. He attributes this resiliency to factors such as trust from the citizens, their native presence in the country, good customer support, and transparency in their operations.
They, however, agree that competition is essential for the Australian crypto market. Although they essentially lower crypto prices, they force the exchanges to improve their platforms and innovate. As noted by Jeremy Ng, the managing director of Gemini’s Asia Pacific arm, the customers get better merchandise and efficiency.
The Importance of the Australian Market to Cryptocurrency
Despite the high potential of growth in the Island nation, foreign crypto companies are getting it hard to penetrate the market. The reason is, most Australians prefer using platforms established in their country. They appreciate customer care agents using the Australian native tongue.
More established crypto firms believe that they should focus on educating the masses on crypto adoption. Instead of worrying about getting a share of the Australian markets for their respective firms, they should do this. These are the beliefs of Jonathan Miller, the managing director of Kraken Australia.
According to the CEO of Binance Australia, Leigh Travers, the crypto trade in Australia is still in its infancy. There is room for growth if they can introduce more people to cryptocurrency.
Although crypto is gaining traction in the country, there is still the problem of regulatory steering in Australia. The central financial institution still believes that cryptocurrency property is fringe funding and not value policing. This is the general feeling despite the central financial institution exploring the pros and cons of investing in digital foreign money.