Cryptocurrency exchange OKX has released a cryptocurrency feature that specifically targets Australia’s superannuation fund, a retirement investment scheme that millions of Australians subscribe to for their pensions, as per an official statement.
A substantial portion of these super funds are also known as SMSFs or self-managed super funds, which are not run by retail or corporate firms but instead managed by family offices or private super funds. Australia’s large-scale superannuation funds typically exercise caution when it comes to digital assets.
The move comes as other prominent cryptocurrency exchanges, including Coinbase, make an attempt to target the island nation’s pension investment schemes, which, according to APRA—the Australian Prudential Regulation Authority—had assets that were valued at $2.7 trillion by June 2024.
OKX Australia CEO Kate Cooper said in the official statement that at the moment, many crypto trading platforms are not suited for SMSFs with knowledge gaps on how to connect the two.
“It turns what should be a considered investment decision into a compliance headache and a support nightmare,” said Cooper.
SMSF entities can now buy and manage crypto through OKX
The new feature allows SMSF entities to interact with OKX for the purposes of buying and managing cryptocurrency.
Superannuation funds are typically invested in ASX equities, bonds, property, infrastructure, and alternative asset classes.
Source: coinmarketcap.com
At the time of writing, OKB tokens were priced $201.62, down by 0.46% on a one-day basis.
The 401 (k) investment scheme— one of America’s most commonly subscribed retirement plans—opened up to cryptocurrency alongside other alternative investments, after Trump signed an executive order in August.