- Australian locals show more interest in foreign crypto exchanges than their domestic counterparts.
- Home-based crypto exchanges remain unruffled despite competition from foreign exchanges.
Cryptocurrency is here to stay! While big players have set a competitive margin in Australia, the emerging players are out to shrink the gap. As per the report, Australians have accrued a total of $7 billion worth of crypto.
Four of Australia’s top crypto exchanges have expressed their opinion about the crypto industry’s exchange giants’ interest in Australia. This is because more percentage of Australians have indicated interest to buy crypto in the future.
Based on reports, over 17% of Australians own crypto. While a further 13% of the populace claim they are likely to buy it within the year. Therefore, there is a future for crypto growth in Australia. As such, crypto investors and exchanges have set their eyes on the over 25 million populace.
In the last few years, crypto big shots exchanges such as Binance, Kraken, and Gemini have all set their banners in the country. These digital firms hope to amass some of the domestic market shares.
Local exchange companies like CoinSpot, Swyftx, and CoinJar remain unfazed despite data showing a rise in the popularity of foreign exchange apps among Australian locals.
As per the larger players, carving out a share of the market is less important to them. Rather, they are keen on spreading crypto awareness to fuel more adoption.
Jonathan Miller, managing director of Kraken Australia reaffirms;
The Australian market is key to achieving global adoption and our local strategy focuses on supporting this through education
Swyftx, one of Australia’s fastest-growing marketplaces, has risen in the rankings in total app downloads to #28 in the finance category for iPhones. Though it falls short of Crypto.com (4th), CoinSpot (5th), and Binance (9th). Users of the Google Play Store app had similar findings with Binance (5th), CoinSpot (6th), Crypto.com (7th), and Swyftx (20th) all appearing in the top 20.
According to Statista, iOS devices have a 55.86% share of the mobile operating system market in Australia in June 2021. However, all exchanges agreed that competition was necessary to keep costs down, improve platforms, and drive innovation.
Though the Australian regulatory guidance remains unclear, still, the competitive landscape amongst crypto exchanges keeps growing.