Coinbase Australia and Shping partner to drive cryptocurrency adoption among consumers
5.6 million Australians (27% of the population) have owned or are interested in owning crypto
Coinbase and Shping, an Australian blockchain-based rewards platform, are announcing a partnership to promote adoption of blockchain and cryptocurrency technologies among consumers in Australia. Australia is home to an exciting and vibrant crypto ecosystem, which this partnership aims to expand to benefit general consumers.
The collaboration seeks to drive greater adoption of blockchain use cases by providing an easy entry point for consumers and further mainstreaming cryptocurrency as a means of payment and store of value. A recent report conducted by Finder in partnership with Coinbase found that more than a quarter (27%) of the Australian population, equivalent to around 5.6 million people, have owned crypto in the last 12 months or are interested in owning crypto in the future. This partnership aims to grow that base.
As part of the initiative, Shping will run an incentive campaign encouraging its 300,000 users in Australia to link their accounts to Coinbase. This allows for seamless cryptocurrency withdrawals from rewards earned on the Shping platform, in the form of Shping tokens.
Coinbase will promote Shping’s "Learn and Earn" program to its Australian customers. The product provides educational resources on blockchain and cryptocurrency to help users feel more comfortable participating in the emerging digital economy. By linking their accounts, Shping users will gain access to Coinbase's educational resources and the ability to earn even more rewards.
"Our mission is to increase economic freedom worldwide, and this partnership is one step further in advancing that goal by bringing Australia’s consumers into the fold,” said John O’Loghlen, Asia-Pacific Managing Director of Coinbase.
“Over a quarter of Australians have owned or are interested in owning crypto, and many believe that crypto has an important role to play in the economy. However, the future of cryptocurrency in Australia is not without its challenges and we know we’ve got some way to go until crypto reaches the financial mainstream,” he said.
“At Coinbase, we believe crypto is the future of money. We're committed to laying the groundwork with clear regulations, strategic partnerships, and reliable products and infrastructure. By educating people on cryptocurrencies, managing the risks and pushing for clear regulation for consumers and innovation, we hope to unlock economic opportunities for all Australians.”
“Together with Shping, we aim to update the financial system with fairer, cheaper, faster services. We hope the partnership will help to lower the barriers to entry for Australian consumers new to crypto, making it easier for them to engage with and benefit from decentralised technologies, through a familiar activity like online shopping."
"Our mission is to democratise the retail space by connecting brands directly with end consumers, letting them bypass costly intermediaries and redirect funds to reward shoppers directly with a decentralised token of rewards (DeToR) for the value they create. By partnering with Coinbase, we solidify a trusted connection between the Shping platform and the global DeFi network, bringing retail consumers one step closer to economic freedom. This partnership also serves as a cornerstone in our future-proofed global expansion, ensuring a consistent and seamless user experience", added Gennady Volchek, CEO of Shping.
Across key markets, Coinbase invests in better onboarding, new localised payment rails, and a localised customer experience to meet the customer where they are.
Coinbase has achieved various milestones including registering and enrolling as a digital currency exchange with AUSTRAC (Australian Transaction Reports and Analysis Centre), becoming a board member of Blockchain Australia, and partnering with several local web3 ecosystem players.
