Category: Australia

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Australia Bitcoin Crypto Exchange Press Release Trading

BTC.com.au Expands Its Footprint, Becoming Australia’s Newest Full-Fledged Crypto Trading Platform

The expansion offers higher liquidity and makes trading easier for users of all experience levels.

BTC.com.au, launched in 2018 as one of Australia’s first crypto trading platforms, has announced an expansion of its business model. Since its launch, BTC.com.au has been a Bitcoin-only focused service. But with its expansion, BTC.com.au will now serve as a full-fledged exchange giving traders access to today’s most popular tokens and serving as a one-stop trading platform.

By expanding its offerings, BTC.com.au aims to become the only exchange that those looking to buy, sell, and exchange crypto need. The platform has gone from being a Bitcoin-exclusive exchange to now boasting over 20 cryptocurrencies and growing weekly. The development team has focused on creating an easy ecosystem for crypto investors of all experience levels to use while ensuring the highest level of security.

BTC.com.au’s New Trading Platform

In building its new platform, the BTC.com.au team has added new features and expanded the capabilities of those previously enjoyed by its community. The user-friendly interface lets users buy and sell crypto faster without getting bogged down with slow-loading sites and complicated graphics. Faster payments are also a welcomed new feature, with an instant settlement protocol when users sell their crypto. Australian users also enjoy streamlined integration with select Aussie banks to make retrieving their funds easier. The team is also working on launching its BTC Earn program in the coming months, which will allow users to earn interest on their crypto holdings.

Since its inception, BTC.com.au has aimed to be at the forefront of the cryptocurrency sector. To continue to build on this mission, we have now expanded our exchange, creating the token offerings, services, and ease-of-use that will make it the only crypto platforms users need, especially our fellow Aussies.

Domenic Favaloro, COO BTC.com.au

Enhance Liquidity

The team has also focused on building deeper liquidity and faster execution times on trades. Users enjoy lower transaction rates, boosting their portfolio’s values while also having access to advanced funding options. BTC.com.au also allows investors to set up advanced orders with its state-of-the-art API, further putting users in control of their portfolios.

Custodial Service

With the platform’s growth, BTC.com.au is also pivoting from a non-custodial service to a custodial service, giving investors a secure digital location to store their funds. To protect users’ funds, the team has built its wallet to adhere to the strictest safety measures in the industry by utilising the top crypto and digital asset platform for institutions.

Local Support

As an Aussie company, BTC.com.au is also committed to keeping its support local to serve its Australian users better. The support team is located in BTC.com.au’s Sydney office and offers support driven by real people instead of bots or recorded messages.

To learn more and to sign up for the exchange, visit BTC.com.au.

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Australia Crypto News Cryptocurrencies Investing Surveys

Over 1 Million Australians Own Cryptos According to Recent Roy Morgan Survey

According to a study conducted by Australian research firm Roy Morgan, over one million Australians now own cryptocurrencies such as Bitcoin, Ethereum, Ripple, Cardo, Dogecoin and Shiba Inu.

The February survey investigated Australians’ investments and revealed that 5 percent, or just over one million Australians over the age of 18, now own at least one cryptocurrency. Over two-thirds, or 742,000 (69 percent), of Australian crypto investors are men, compared to only 332,000 (31 percent) who are women, indicating a massive gender difference when it comes to crypto investments.

Most Crypto Investors Are Younger Than 35

The study revealed that people under 35 were more likely to be holders of cryptocurrencies, with over one-in-10 people in this cohort. Participants over 35 were less likely to be invested in digital assets, but still made up 40 percent of the total investor market, including 296,000 aged 35-49 (28 percent of all investors) and 138,000 aged 50 and older (13 percent).

Cryptocurrency investors by age and gender. Source: Roy Morgan

Older Cohort Has Biggest Average Crypto Investments

Although they might be less likely to invest in cryptocurrencies, Australians aged 35 and older are a significant part of the crypto market in the country, given the average size of their investments.

The study revealed that participants aged 50 and older had the largest average crypto investments, averaging around A$56,000. The volume of investments in this cohort means the value of all crypto holdings of people aged 50 and up is around A$7.6 billion, higher than any other age group and accounting for 35 percent of the total market.

Although more inclined to invest in cryptocurrencies, Australians aged 18-24 only hold an average of A$2,600, making the total value of investments for this group just A$630 million, or about three percent of the total market valuation.

The market shares for Australians aged 25-34 and 35-49 were similar, with the former cohort averaging about A$18,200, while those in the latter group came in at A$21,600. Those aged 25-34 were more likely to invest in the market and thereby made up A$7 billion, or 32 percent, while those aged 35-49 owned A$6.4 billion, or 30 percent.

Gender Differences Are Significant

The analysis by gender revealed that men’s average investments totalled A$23,400, almost double those of women (A$12,800). This gender disparity shows that men hold 81 percent (A$17.4 billion) of the market, while women own just 19 percent (A$4.2 billion).

Total value of cryptocurrency investments by age and gender. Source: Roy Morgan

The results of this study are significant and indicate positive sentiment toward crypto adoption, given that Australia lagged in the most recent global ‘Crypto Awareness’ survey, although another 2021 survey revealed that most Australians still have no idea about cryptos or NFTs.

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Australia Events NFTs

NFT Music Marketplace ‘Serenade’ Raises $6 Million Backed by Hugh Jackman

After launching an artist/fan-centric NFT platform last year, Australian music technology company Serenade has now announced its raising of US$6 million in a round of funding backed by several high-profile investors, including Australian actor Hugh Jackman:

Still Early Days For Music NFTs

The funding round was led by Bain Capital Ventures, with participation from AngelList, Boost VC, and others. Serenade was launched with the aim of allowing musicians to retain the copyright to their work. The platform allows artists to upload their music and mint it as an NFT, which can then be sold on the platform.

As the artists retain the copyrights, they can also set the price. Proceeds from sales on the platform are split between Serenade and the artist, with the company taking a 10 percent cut of each sale.

Serenade founder Max Shand has said the mission of the platform is to “enable artists to build closer relationships with fans while creating dynamic new revenue streams”.

Serenade has already collaborated with music bigwigs at the Brit Awards 2022. The result is the Genesis NFT collection, 13 NFTs that celebrate the Awards’ 13 winners:

NFTs are a new and exciting way for artists to monetise their work. Serenade provides artists with a simple and efficient way to mint and sell their NFTs, while also providing buyers with a one-stop shop for buying NFTs.

Hugh Jackman, actor

In the words of Serenade CEO and co-founder John Palfreyman, “We believe that NFTs are going to be a key part of the music ecosystem.” Echoing a comment made by A-list actor Hugh Jackman, he added: “They provide a new way for artists to monetise their work and connect with their fans.”

The seed funding will be used to grow the team at Serenade and launch new features on the platform. Although Serenade is still in private beta, it plans to launch publicly later in the year.

NFT Marketplaces Popping Up Left, Right, and Centre

As the NFT market continues to boom, many are trying to cash in on the craze while it lasts, and this has led to the proliferation of new NFT marketplaces. In January, Crypto News Australia reported on the launch of LooksRare, which has since exploded in sales volume. Even the New York Stock Exchange is considering getting on board the NFT train.

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Australia CoinSpot Crypto News Cryptocurrencies

Aussies Can Now Buy Luxury Cars with Crypto Through CoinSpot

CoinSpot is now allowing Australians to purchase luxury vehicles using up to 30 types of cryptocurrencies, including bitcoin and ethereum.

This comes as the high-profile crypto exchange enters a partnership with Melbourne-based prestige car retailer Dutton Garage: 

Any purchases made will go through CoinSpot’s over-the-counter (OTC) trading desk to limit exposure to fluctuations in the market. This will also help prevent slippage for customers transacting values over A$50,000 and minimise low liquidity risk.

‘Strong Demand’ for Crypto Car Purchases

In a joint statement, CoinSpot and Dutton Garage said the partnership was in response to “strong demand” from Australian customers to purchase vehicles and other luxury items using crypto.

“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” said Gary Howells, CoinSpot’s chief product officer. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”

Juv Jayaram, chief technology officer at Dutton Group, added: “Working with CoinSpot enables our customers to access their crypto investments and transact with us in a seamless and transparent manner.”

The CoinSpot-Dutton deal is not the first meeting of crypto and car commerce in Australia. In April 2021, carbuyers.com.au announced a new payment system that allowed Aussies to use bitcoin to cover the purchase of a vehicle. Two months later, auction house Lloyds started accepting major cryptocurrencies as payment for sport and collector cars.

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Australia Crypto News Cryptocurrencies Regulation

Australian Opposition Party Called Out for Lack of Clear Crypto Policy

With the starter’s gun for the 2022 Australian federal election having been fired on the weekend, the Labor Opposition party is already dodging bullets about lacking a crypto policy.

Stephen Jones, Labor’s shadow minister for financial services, quickly returned fire by declaring that the Opposition wants stronger consumer protections and regulation of exchanges.

“The broad principles we would take to crypto regulation are safety and transparency,” Jones said. “That inevitably leads to greater regulation of exchanges.”

Jones added that if Labor were to win power from the ruling Liberal-Nationals Coalition, crypto would be considered as part of a broader overhaul of the payments system.

Crypto Should Be at the ‘Centre of the Election’

Last week, expatriate crypto investor Mark Carnegie said that crypto “should be at the centre of the election” because digital currency and blockchain infrastructure were shaping to be an US$8 trillion (A$10.6 trillion) to US$13 trillion industry by 2030.

Carnegie, a venture capitalist currently based in Singapore, told the Australian Financial Review Cryptocurrency Summit that Labor lacked a policy on crypto and “it just shows you the lack of leadership” on the issue.

At the summit, he and former Australian Securities and Investment Commission (ASIC) chairman Greg Medcraft urged Australian regulators to develop a plan that encouraged digital asset technology and investment.

Carnegie accused the government and regulators of moving too slowly on the issue. Jones has since responded by saying that putting crypto under financial services regulation “made sense”, and that he would consult on the precise details if Labor won government.

‘Seven Words is Not a Crypto Policy,’ says Liberal Senator

Pro-crypto Liberal Senator Andrew Bragg (NSW) echoed Carnegie in claiming Labor has “no real policy” in place. “My sense is they’re running a small-target strategy,” Bragg said. “They’re not saying much and my sense is this agenda is at risk and that is very concerning.”

In a return salvo, Jones pointed out that the Coalition had been in government for almost nine years and that it was hypocritical for it to blame Labor for a lack of crypto policy.

The fact that 43 percent of Australians polled in a 2021 Gemini survey said they had invested in crypto says this is an election issue that cannot be ignored.

However, another recent survey revealed that nine in 10 Australian financial advisers had been asked by clients about investing in cryptocurrencies but only a third were willing to allow them to do so.

With the election due on May 21, it’s time for both sides of Australian politics to clearly declare their hands on crypto.

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Australia Blockchain DAO Economics

RMIT Proposes ‘Docklands DAO’ to Help Melbourne Precinct Recover From Pandemic

A report released by the Royal Melbourne Institute of Technology’s Blockchain Innovation Hub has proposed the creation of a decentralised autonomous organisation (DAO) to help revitalise the Docklands district of Melbourne, following Covid-related lockdowns and restrictions that affected the city more than most others in Australia.

The April 7 report is the second of five commissioned by the Victorian Higher Education State Investment Fund (VHESIF) to explore opportunity areas for the creation of a digital CBD in Melbourne.

Docklands Ideal Location for DAO Pilot

The report’s author, Dr Max Parasol, believes the Docklands precinct would be the ideal location for the pilot DAO project because it faces a number of challenges due both to its location and the economic consequences of the Covid pandemic:

  • It’s geographically disconnected from Melbourne’s CBD.
  • It faces inconsistent and reduced foot traffic due to work-from-home and hybrid work models.
  • Local businesses have unpredictable inventory requirements. 
  • There are negative impacts from tenant rent discounts and vacancies.

Dr Parasol said the creation of a Docklands DAO would empower businesses to overcome these challenges and reinvigorate the local economy:

A Docklands DAO would encourage community buy-in and engagement as a way to regenerate the precinct … the beauty of a DAO is that it provides greater levels of transparency, openness and democratic governance so every member of the DAO [the community] has a voice and voting power.

Dr Max Parasol, RMIT Blockchain Innovation Hub

A DAO is an open-source, blockchain-based organisation defined by rules encoded in a smart contract and governed by members who vote on proposals using governance tokens.

Docklands DAO Would Launch in Two-Stage Process

The report suggests a two-stage process for the creation of Docklands DAO. The first stage would involve the collection of anonymised local people traffic data and other key metrics such as rental costs, with the goal of assisting local businesses to more accurately predict customer numbers and business expenses.

In stage two, Docklands DAO assumes control of the collected data. Local business owners and community members, as part of the DAO, would vote on how to use the data to optimise resource allocations and improve the local economy to benefit all DAO participants.

Jason Potts, co-director of the RMIT Blockchain Innovation Hub, suggests DAOs such as the proposed Docklands DAO will help communities manage new digital resources and overcome the challenges of a post-Covid world:

The technology is just a vehicle for a new approach to community-led and community-owned discovery of new resources and opportunities with which we can continuously reinvent the local economies that make up our cities, and that has never been more important than right now. 

Jason Potts, co-director, RMIT Blockchain Innovation Hub

RMIT has been a prominent player in the Australian crypto space, having last year urged the federal government to reform crypto tax settings and being ranked second in CoinDesk’s global Top Universities for Blockchain list.

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Australia Crypto News Cryptocurrency Law Regulation

Aussie Regulator Asks Banks to ‘Proceed with Care’ Over Crypto

The Australian Prudential Regulation Authority (APRA) is in the final stages of drafting a letter to Australia’s financial institutions that will outline its expectations for the future of digital assets, in the wake of the UK’s recent statement on digital assets.

High Expectations for Financial Institutions

APRA has plans to provide the industry with more clarity in the coming months, cautioning banks, super funds and insurers planning to take on crypto. Chairman Wayne Byres said this week that the regulator was finalising its letter prescribing its requirements for how financial institutions deal with digital assets.

While the number of Australian financial institutions embracing crypto is so far limited, with the Commonwealth Bank becoming the first bank to offer crypto-related services in late 2021, it is necessary to achieve clarity on regulation as soon as possible. This comes as regulators overseas make similar moves.

https://www.apra.gov.au/apras-executive-and-governance

Much like our approach to climate risk, [the letter’s] underlying message is primarily one of: ‘by all means innovate, but proceed with care and in full knowledge of the risks’.

Wayne Byres, APRA chairman

However, not everyone is happy with the news, and social media has offered mixed responses. APRA claims that a regulatory framework for “stored value facilities” is a high priority, as these facilities will purportedly allow customers to store funds for future payments.

No Time to Waste in a ‘Global Competition’

Last week ASIC chairman Greg Medcraft urged Aussie regulators to join the crypto start-up race, encouraging the development of plans for the future of digital asset investment and technology. Medcraft said it was “a global competition” and if financial institutions didn’t get in now they could risk missing out.

As long ago as July 2021, Australian crypto companies were requesting more certainty regarding the regulation of the industry. At the time, this resulted in the Australian Fintech Senate allowing Aussies to submit their requests relating to technology and finance and how society might benefit from emerging technologies.

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Australia Banking Investing Regulation

Commonwealth Bank’s Crypto App Delayed Due to Regulatory Hurdles

The Commonwealth Bank of Australia’s (CBA) plan to offer 10 popular cryptocurrencies to customers through its banking app has been delayed due to regulatory issues as the Australian Securities and Investments Commission (ASIC) ensures the offering complies with its new design and distribution rules.

CBA announced its intention to start selling crypto direct to retail customers in November 2021, marking the first offering of this kind by any Australian bank.

First Foray May Help Clarify Regulatory Approach

The main regulatory sticking points for ASIC relate to the product disclosure statement for the crypto products, the intended target market, and ensuring consumer protections. 

Speaking at this week’s Australian Financial Review Cryptocurrency Summit, ASIC commissioner Cathie Armour suggested CBA was having trouble ensuring its crypto products complied with the requirements of ASIC’s design and distribution rules:

We’re interested in any sort of new innovation where we think there [are] real benefits of innovation being within our regulatory regime. There are a bunch of rules there that you need to follow.

Cathie Armour, ASIC commissioner 

The delays CBA is facing now may clarify the regulatory landscape moving forward and encourage other banks and traditional financial organisations to start offering crypto products.

Partnership Means Investor Funds Held Offshore

To help create its crypto offerings, the CBA has partnered with US-based cryptocurrency exchange Gemini. Under the partnership, Gemini provides custody services, which means investor funds are held offshore under the jurisdiction of the New York State Department of Financial Services. 

Pro-crypto NSW Senator Andrew Bragg has described this arrangement as “not ideal”, suggesting he’d eventually like to see Australian-based custodial services: “I think there’ll be some moral pressure on organisations in Australian businesses.”

Despite the regulatory issues it has faced, CBA has said the initial pilot of its in-app crypto offering was highly successful and that it intends to invest heavily in more crypto-related services in the future.

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Australia Crypto News NFTs Sports

AFL Set to Launch NFT Collection with 20% of Revenue Going to the Players

In a goal kicked firmly between the posts for the code’s ongoing NFT adoption, the Australian Football League (AFL) has struck a unique revenue-distribution deal that could see players get 20 percent of the spoils from the sale of non-fungible tokens associated with the sport.

It’s a Goal for NFTs, the AFL and Animoca Brands

CEO Gillon McLachlan has revealed that the AFL has plans in place to team up with Hong Kong-based Animoca Brands, one of the world’s leading blockchain gaming and NFT studios, collectively worth more than US$5 billion.

AFL CEO Gillon McLachlan. Source: Fox Sports

McLachlan has also confirmed that a deal with the AFL Players Association will ensure that players receive a 20 percent cut of the revenue derived from the sales of official AFL NFTs.

And for all the fans out there still talking about the 1,000-goal milestone achieved by Sydney Swan Lance “Buddy” Franklin (pictured, below), there will be an NFT for that, and multiple other NFTs based around the March 25 event.

Buddy Franklin moment. Source: AFL

“There’ll be a Buddy 1,000 NFT,” confirmed McLachlan, adding: “The team is working on that at the moment. There’ll be lots of NFTs that come out of that because it was a pretty unique event. That was one that will have a lot of value.”

It looks like the Sydney star’s 1,000th-goal NFT will entail a range of different takes on his achievement, which could include animation or perhaps video footage.

“There’ll be one official NFT of him kicking that [1,000th] goal. Whether it’s animated [or not], there’ll be different versions of it,” McLachlan said. He also hinted that there will be plenty of other AFL NFTs to be sold at reasonable prices, and “some unique stuff that will be among some of the most expensive [NFTs] we do”.

AFL Approaches Mainstream Crypto Adoption

As Ben Simpson, CEO of Melbourne-based crypto research and education platform Collective Shift, has said, “I think we’re really starting to hit mainstream adoption in crypto and NFTs.” He pointed out that cryptocurrency companies now account for a significant percentage of the AFL’s major sponsors.

Two months ago, the AFL signed an A$25 million five-year sponsorship deal with Crypto.com, and the Australian digital assets exchange Swyftx also announced a major two-year partnership with the Brisbane Lions. Other AFL clubs, including premier Melbourne, the West Coast Eagles, Adelaide Crows, Sydney Swans and the Western Bulldogs, also have crypto sponsors.

“What is most exciting in my opinion about NFTs in sport is that the players can take a share of the revenue of all sales of those NFTs forever. Lance [Franklin] will earn a direct percentage cut from that 1,000th-goal NFT,” Simpson said. He added that in the past, only the sporting organisations or governing bodies took revenue and profits, but NFTs and smart contracts can enable a percentage of the revenues to be distributed to players.

Matt Willemsen, head of research at Collective Shift, spoke in a YouTube video about the revenue-distribution aspect of the deal:

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Australia Investing Regulation

Former ASIC Chairman Calls for Urgent Australian Crypto Regulatory Clarity

Former Australian Securities and Investment Commission (ASIC) chairman Greg Medcraft has urged Australian regulators to join the crypto start-up race. He is joined by venture capitalist Mark Carnegie in pushing regulators to develop a plan that encourages digital asset technology and investment, according to the Australian Financial Review.

Sydney businessman Mark Carnegie shares his vision for a 'better society' to kickstart debate - ABC News
Investor, entrepreneur, Mark Carnegie. Source: ABC

Get On Board or Risk Losing Out

Australia is at risk of losing out on a multitrillion-dollar opportunity to generate revenue from companies in the digital asset sectors, business leaders have warned, after Britain released an ambitious plan to lure cryptocurrency players with tax and start-up incentives.

Medcraft and Carnegie have asked for a bipartisan approach in the face of elevated global competition to attract crypto start-ups building on blockchain technology. Their comments come soon after ASIC warned cryptocurrency companies that they would be held to the same standards as traditional finance companies.

Medcraft and Carnegie were speaking ahead of this week’s Australian Financial Review Cryptocurrency Summit in which Medcraft, a personal investor in Ethereum, the network that powers decentralised finance (DeFi) and NFTs, and Carnegie, who has invested in various crypto businesses from Singapore, said Australia risked falling behind other nations putting in place initiatives to attract players in the digital asset sector.

It’s a global competition.

Greg Medcraft, former ASIC chairman

EU Is Setting the Pace

Medcraft helped lead the digital asset policy at the OECD in Paris for almost four years before returning to Australia. As we know, the European Union is preparing a comprehensive regime for digital assets including cryptocurrencies in its Markets in Crypto Assets (MiCA) legislation. Medcraft added: “What is happening is governments around the world are realising you want to have an enabling environment to be the centre for crypto technology.”

Medcraft celebrated the landmark crypto plan announced by Britain’s Chancellor of the Exchequer, Rishi Sunak. Among the reforms, Britain plans to regulate stablecoins – digital currencies whose value is linked to fiat money – to pave their way for use in the country as a recognised form of payment.

“This area is so damn dynamic,” Medcraft said. “Do we want barriers or do we want encouragement? What is increasingly happening is a comprehensive government approach.”

Australia may not be progressing according to the pace Medcraft and Carnegie expect, but there is some action being taken by Australian regulators to reform its cryptocurrency plan.