United States’ largest crypto exchange Coinbase Incorporation officially announced its full-fledged cryptocurrency exchange in Australia on Wednesday. It will expand its services to retail customers in Australia making it easier to buy, sell and trade digital assets.

Coinbase first entered the Australian market in 2016, enabling customers to buy Bitcoin and Ethereum. It was providing an instant buy/sell/swap service that wasn’t a favourable choice for traders. Factors making it a bad choice include that these services always required credit or a debit card and higher fees were levied by Coinbase on these. 

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Now, Coinbase has announced to launch of PayID as a medium to deposit funds using direct bank transfers from bank accounts for Australians. PayID is a payments system made by the Australian financial services sector and the Reserve Bank of Australia. Customers can receive payments by linking their mobile number or email address to their bank account.

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Coinbase will also launch its new tool- Retail Advance Trading which will enable Australians to get themselves registered and access powerful trading tools with a unified balance, along with 24/7 chat support.

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The exchange described Australia as “a hotbed of fintech innovation”. Australians were one of the world’s earliest adopters of digital currencies, and also they are savvy investors,” Coinbase stated in a blog post. “We are familiar with this because Coinbase was one of the first platforms they trusted for their crypto investments. Now we want to enhance their experience using Coinbase.”

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Coinbase said it has incorporated a new entity- Coinbase Australia Pty Ltd and got it registered with the Australian Transactions Reports and Analysis Centre (AUSTRAC) to provide the announced services.

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The exchange will also work with RMIT (Royal Melbourne Institute of Technology) University’s Blockchain Innovation Hub on research about Web3 and the future of finance in Australia.

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Earlier this year, the largest bank in Australia- Commonwealth Bank (CommBank), halted the launch of its crypto exchange service for an indefinite period, stating the market’s volatility and the need for an “appropriate regulatory framework” as the grounds.