Binance Australia announced a partnership with Blockchain Australia, an industry body for Australian businesses and professionals in the blockchain industry. According to the latest announcement, Binance Australia is set to take on the role to help advance the adoption of blockchain technology in the country and advocate for desirable regulatory and policy settings alongside the local industry experts.
Jeff Yew, the CEO of Binance Australia commented,
“Australia needs to seize the opportunities presented by blockchain technology and digital currencies, which is why we’re so thrilled to join Blockchain Australia to use our voice to work with industry to promote a continued focus on financial services innovation”
Blockchain Australia aims to leverage Binance Australia’s cryptocurrency expertise and international connections to our membership base. Its CEO, Steve Vallas, welcomed the cryptocurrency exchange as the newest member to their industry network and added,
“To ensure we can continue to effectively build awareness and drive uptake of blockchain technologies in Australia, it is vital we partner with industry leaders across the economy”
Blockchain Landscape in Australia
Blockchain activities in Australia have generally followed an upwards trajectory with a major portion of it originating from small-to-medium-sized businesses based out of New South Wales and Victoria. Additionally, many towns have now started accepting cryptocurrency as a form of payment, to appeal to tourists across the world in the niche market of crypto-funded travel.
Gartner, the leading research and advisory company, predicts that blockchain will generate an annual business value of over $175 billion by 2025 and in excess of $3 trillion by 2030 in Australia. Within the next three years, the blockchain technology is also expected to the global movement and tracking of $2 trillion worth of goods and services annually.
According to the Australian Government’s Department of Industry, Science, Energy, and Resources, the country is ranked sixth internationally with respect to blockchain-related patent filings. The country’s National Blockchain Roadmap revealed,
“The Australian Government has invested in a wide range of blockchain-related activities to date. Funding has included support for government, private sector and university research, innovation and collaboration, through programs such as Austrade trade missions; the Entrepreneur’s Programme; Australian Research Council Grants; and Business Research and Innovation Initiative pilots.”