U.S. crypto exchange Coinbase is developing a new product to offer digital assets tailored for Australia’s expanding self-managed pensions sector. This upcoming service aims to provide crypto investment products for portfolios that constitute about a quarter of Australia’s $2.5 trillion pension system.

According to Coinbase Asia-Pacific managing director John O’Loghlen, this new offering is designed for clients who may prefer a single allocation rather than engaging in continuous transactions. O’Loghlen stated,

“Self-managed super funds might just make a single allocation and set it and forget it. We are working on an offering to service those clients really well on a one-off basis — to have them trade with us and stay with us.”

The exact rollout date for this new service remains uncertain. However, this development comes amid reports that Australia is preparing to adopt spot Bitcoin exchange-traded funds (ETFs), following approvals in the U.S. and Hong Kong.

Reports indicate that the Australian Securities Exchange (ASX) is expected to approve the first spot Bitcoin ETFs for the main board by the end of 2024. Several issuers, including BetaShares, VanEck, and DigitalX, are already working on launching their products on ASX. However, a specific timeline for the approval of spot crypto ETFs has yet to be confirmed.

Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, suggests that self-managed superannuation programs, which hold about a quarter of the country’s $2.3 trillion pension market, could become significant buyers of spot-crypto funds.

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