John O'Loghlen, the Asia-Pacific managing director for leading cryptocurrency exchange Coinbase, revealed the company is working on a service specifically aimed at the Aussie self-managed superannuation sector, as reported by Bloomberg recently.

Coinbase Targets Aussie Self-Managed Super Funds; Understanding the Move

According to the publication, Coinbase, the largest crypto exchange in the US, is focusing its expansion efforts on the potential demand from Australia's growing self-managed superannuation sector.

Highlighting the sector’s growth trajectory, self-managed funds in Australia have increasingly held cryptocurrencies since March 2019. Speaking to Bloomberg, O'Loghlen noted: “Self-managed super funds can just make a single allocation, set and forget it.”

“We’re working on an offering to serve those customers really well, in a timely fashion – so they trade with us and stay with us,” the Coinbase executive explained.

The growing interest in cryptocurrencies within the self-managed super sector could be attributed to the “slingshot” effect of the launch of Bitcoin exchange-traded funds (ETFs) in the US. “We don’t see it as cannibalizing ETF participants, but more like a rising tide and there’s enough interest that someone may want to go through their own self-managed portal,” O'Loghlen added.

On the Rise, Bitcoin Surpasses US$66,000

Bitcoin (BTC) reached a new high, trading at US$66,400 this Wednesday. The surge came shortly after the release of Consumer Price Index (CPI) data for April, which indicated easing inflationary pressures. Today, the cryptocurrency continued to display ongoing bullish signals, attempting to hold steady around US$66,000.

At the time of publication, the Bitcoin price was quoted at US$65,917.69, up 2.9% over the past 24 hours. During that period, the cryptocurrency registered a trading volume of US$36,289,802,236. Over the last seven days, BTC has increased its price by 7.2%.

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