Coinbase and OKX are launching crypto products targeting Australia's AUD 4.3 trillion pension system

ChainCatcher news, according to Bloomberg, Australia's A$4.3 trillion (US$2.8 trillion) pension system is becoming a new frontier for cryptocurrency.

Two major digital asset trading platforms, Coinbase Global Inc. and OKX, have launched products aimed at directing pension funds into cryptocurrency. According to John O'Lockren, Managing Director of Coinbase Asia Pacific, the company is set to launch a dedicated SMSF service, with a waiting list of over 500 investors. Kate Cooper, CEO of OKX Australia, stated that the demand for a similar product launched in June far exceeded expectations. OKX's product, like Coinbase's planned service, will also assist investors in setting up SMSFs through recommended accountants and law firms as third-party providers. Although there is no minimum balance requirement, ongoing management costs, including mandatory independent audits, mean that SMSFs are typically only cost-effective for large accounts.