Coinbase and OKX are launching cryptocurrency products for Australia's $4.3 trillion AUD pension system.

On September 2nd, as per Bloomberg, Australia's $4.3 trillion Australian dollar ($2.8 trillion US dollar) pension retirement system is stepping into a new realm for cryptocurrency. Two major digital asset exchanges, Coinbase Global Inc. and OKX, have consecutively launched products with the aim of guiding pension funds into cryptocurrency. According to John O’Shea, the Asia-Pacific Managing Director of Coinbase, the company is on the verge of launching a dedicated SMSF service, and there is a waiting list of more than 500 investors. Kate Cooper, the CEO of OKX Australia, stated that the demand for the similar product they launched in June exceeded expectations by a large margin. OKX's product and Coinbase's planned service will also be made available through third-party providers such as recommended accountants and law firms to assist investors in establishing SMSFs. Although there is no minimum balance requirement, the ongoing management costs, including mandatory independent audits, imply that SMSFs are usually only cost-effective for large accounts.