With DeFi projects surging within Australia, the CEO of cryptocurrency exchange Mine Digital said he believes the state could become a future hub for crypto derivatives in Asia.
CEO Grant Colthup made the comments during a webinar hosted on 29th July by Melbourne’s Apollo Capital regarding digital asset infrastructure. Colthorp revealed that several institutional investors in Australia were curious about cryptocurrencies but were still skittish about getting faraway from “brick and mortar” financial establishments.
But he said crypto derivatives projects across Asian countries have the potential to maneuver into Australia. Cothlup cited those in Hong Kong — where regulations are getting more favorable but political uncertainty is driving many away – also as firms in South Korea and Japan, where crypto derivatives are practically “non-existent.”
“I really see Australia as being a huge hub going forth for the event for Asia-based crypto derivatives,” he added.
Australia is already home to at least one of the foremost successful decentralised cryptocurrency derivatives projects, Synthetix. The protocol, that is backed by Apollo Capital, is the 3rd largest DeFi project with almost half a billion in USD value locked.
Founder Kain Warwick also made a presentation at the webinar where he said that DeFi was making legacy fintech obsolete.
Cultural Approach Towards Crypto Assets
Part of the appeal of projects looking to Australia rather than the United States might also be the cultural approach to crypto assets, commented Kayvon Pirestani, Head of APAC Institutional Coverage for Coinbase.
Also attending for the webinar, Pirestani said Australian crypto firms looking to tap into this institutional space were “more adventurous” than those within the U.S.