With a background of seven years in the Australian cryptocurrency market so far, newly appointed Binance Australia CEO Leigh Travers has vowed to dedicate his life to the development and growth of the industry, and he has big plans for the future of blockchain down under.
As early as high school, Travers was already investing. “I didn’t really see a lot of point in putting money into the bank and earning some interest,” he says, seeing more opportunity and excitement investing his first $500 into stocks and smaller innovative companies, which he saw as having huge upside potential.
Travers was a publicly listed wealth manager for small to mid-cap growth companies in more traditional sharemarket and investment banking before following his passion for investing into more volatile terrain: the attraction to crypto was inevitable as the next natural step in Travers’ career.
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Current State of the Australian Crypto Market
Australian projects are positioned “at the top tier” in the crypto space worldwide, with some amazing DeFi and NFT products coming out of the country. Roughly there are 600,000 actual users on Binance Australia, with potential for a million customers and an equity market of 10 million.
Binance Australia’s team has doubled over the past few months to tackle its number one priority: to grow the market overall into a much larger user base. Travers says that the market is in a high-growth phase, with Binance user numbers expanding at a rate of 10 percent per month.
Corporate Onboarding to be Expedited
Over the next 15 years, Travers sees equities moving towards crypto-based economic models. The SMSF (Self-Managed Super Fund) marketplace in Australia has massive potential – in a country with 800,000 self-managed super funds and an A$800 billion market, Binance Australia wants to gain maximum exposure into the “most liquid, lowest-cost, digital asset exchange in Australia”.
According to Travers, Binance Australia will focus on leading the way in the areas of:
- integrating risk-managed crypto portfolios into wealth management platforms;
- offering support with tax reporting;
- extending education resources; and
- vastly improving the platform’s onboarding processing time, from a few weeks to only a few days.
Priority to Binance Crypto Debit Card
Travers says the number one product customers from the community want is a crypto debit card. “You’ve got to give the people what they want,” he says, “and it’s quite clear.” As he explains, people want to be able to have more utility for their crypto, to spend it in everyday life, to pay bills, paying merchants, etcetera.
The Binance crypto debit card is a top priority and is in development now, aiming to hit the Australian market as soon as possible – possibly by the end of the current quarter. If its second-quarter results are any indication, the immediate future for Binance Australia looks bright.
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