Establishing a New Pathway for Australia's Digital Asset Landscape
In Brief
Mark Oliver, the Sales Director at OKX Australia, points out the swift transformation of the Australian digital asset market, spurred by the uptake from institutions, innovative solutions tailored to the local landscape, and a growing recognition of digital assets as a fresh alternative in Australia’s financial framework.
Recently, an old acquaintance reconnected with me on LinkedIn after many years. He’s a classic veteran of traditional finance, having spent a significant part of his career as a credit trader for prominent banks in the UK and the US. Nowadays, he manages a few family investment offices.
When he reached out, I couldn’t resist making a light-hearted remark, wondering, “Please don’t tell me you’re interested in allocating some funds into crypto for your family office portfolios?”
“How did you guess?” he laughed.
It seems like everyone is asking that same question these days!
What truly took me by surprise was his investment choices. I expected him to cautiously start with mainstream options like Bitcoin or Ethereum, perhaps even stablecoins. Instead, he went all in on five different memecoins – including PEPE, DOGE, and SHIB – because he found them utterly intriguing.
Ultimately, he chose our OKX platform. But what really resonated with me was what this conversation symbolized. Here’s someone from the core of traditional finance, not merely dipping his toes into the realm of digital assets, but diving headfirst.
This is becoming a more common narrative – the traditional finance sector is no longer an onlooker; they are actively engaging and bringing their institutional perspectives along.
In Australia, the evolution of the digital asset industry is progressing in ways we could scarcely imagine just a year ago. Our recent research conducted in collaboration with Economist Impact reveals a significant trend: 69% of institutional investors plan to incorporate digital assets into their investment portfolios over the next three years. Market Evolution: More Than Just Figures These insights are not merely statistics; we're witnessing this transformation unfold in real-time throughout the Australian digital asset market. Once passive observers, wholesale clients in Australia are now enthusiastically investigating various trading methods, ranging from straightforward leveraged trades on token pairs to more intricate strategies like protective puts and yield-generating covered calls.
Our recent growth is a testament to this trend. Since launching our crypto exchange services in Australia last May (which includes spot trading for all users and derivatives trading for verified wholesale clients*), we have tripled our customer base and expanded our local team by 150%, hiring experts familiar with the unique needs of both retail and institutional traders.
From the onset of our journey in the Australian market, our approach was to do things differently. Rather than simply importing an international model, we opted to tailor our platform from the ground up, relying on direct feedback from local traders. Presently, we take pride in becoming the largest global cryptocurrency exchange that facilitates direct AUD deposits and withdrawals via major Australian banking institutions.
What excites me most about the Australian digital asset landscape is how distinctly local our trading behaviors turn out to be. In November, we reached a point of 'listing parity' with the global exchange for popular tokens by consistently listing “catch-up tokens” from May to October. This allows our users to gain quick access to their preferred and most awaited tokens, enriching their overall trading journey. It also serves as a reminder that every market has its unique character. Moreover, the Australian Stock Exchange’s ongoing blockchain projects have initiated engaging discussions with our institutional partners regarding future market infrastructure. launch Establishing Confidence Through Openness Following the events of 2022, our sector needed to earn back trust from the ground up. Consequently, we've been releasing Proof of Reserves (PoR) reports every month for the past 26 months, providing cryptographic, mathematically-confirmed proof that assures our clients' assets are backed 1:1. I often find that professionals from traditional finance are taken aback by such transparency. Imagine if you had the ability to inspect the balance sheet of publicly traded companies in Australia any time, day or night – that’s the level of openness we aspire to achieve. Bringing Digital Assets to the Public Eye
Last month, we sought to help Australians visualize digital assets in relation to conventional investments. To do this, we introduced live crypto price billboards in premium locations around Sydney, displaying the prices of Bitcoin and Ethereum alongside the median property prices in the area. By juxtaposing these figures, we are facilitating a deeper understanding of digital assets in the broader investment context. It’s been captivating to observe people pause and reflect on these numbers in real time.
What can I say, we're quite the hosts when it comes to events 🤭 tokens listed Thank you for your tremendous support that made this event a triumph! Stay tuned for more photos coming your way. 🫣
And that's a wrap on the Ordinals World Tour Australia Edition 🇦🇺
Speaking of tangible impacts, last November's Australian Crypto Convention truly showcased how the digital asset community is advancing. While 10,000 attendees explored the main event at ICC Sydney, our Ordinals World Tour meetup with Ordzaar gathered a dedicated group of Bitcoin enthusiasts, artists, and creators. Gatherings like these illuminate how our closely-knit crypto community has organically flourished in a brief span.
A Fresh Alternative for Institutional Investors
Our collaborations with reputable global custodians, such as Komainu and Standard Chartered, are set to revolutionize the Australian market. These partnerships provide institutional clients the ability to trade on our platform while safeguarding their assets with regulated third-party custodians – exactly the scenario that seasoned investors anticipate.
Growing Community, Growing Market
Reflecting on this transition, it’s clear that the world of traditional finance is becoming more open; there's an increasing enthusiasm to explore digital assets, similar to my friend's surprising venture into memecoins.
That’s our focus – making digital assets not only accessible but establishing them as a new foundation for the financial future of Australia. While market cycles will inevitably fluctuate, the transformation of our financial infrastructure is ongoing, and we take pride in being at the forefront of it.
*Derivatives and margin related products are exclusively offered to verified wholesale clients by OKX Australia Financial Pty Ltd, contingent on passing a suitability assessment and fulfilling the criteria of a wholesale client as defined in the Corporations Act 2001 (Cth)
For details regarding: digital currency exchange services are prepared by OKX Australia Pty Ltd (ABN 22 636 269 040); derivatives and margin trading by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035), specifically for wholesale clients (as specified in the Corporations Act 2001 (Cth)); and additional products and services by the relevant OKX entities offering them (please refer to Terms of Service – Australia). This information is general and shouldn't be construed as investment advice, personal recommendation, or an offer (or solicitation) to purchase any cryptocurrencies or similar products. It’s crucial to conduct your own research and seek professional counsel to ensure comprehension of the risks tied to these products prior to making any decisions. Historical performance is not indicative of future results – never invest more than you can afford to lose. Please read carefully.
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Mark Oliver, who leads sales at OKX Australia, emphasizes the swift changes taking place in the Australian digital asset scene. This transformation is driven by increasing institutional participation, innovative local solutions, and the seamless incorporation of digital assets as an exciting new facet of Australia’s financial framework.
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Disclaimer
Published on: January 17, 2025 at 5:00 AM Updated: January 17, 2025 at 6:22 AM OKX’s Terms of Service – Australia for more information.
Disclaimer
In line with the Trust Project guidelines To enhance your experience in your local language, we sometimes use an automatic translation tool. Please be aware that this auto-translation might lack precision, so take care when reading.
