Cryptocurrency exchange giant Coinbase is ramping up efforts to bring cryptocurrency into the mainstream in Australia, pushing for regulatory reform while sponsoring the Melbourne Marathon to showcase the potential of blockchain technology. The event, set to take place on Sunday, is expected to draw around 35,000 participants, and Coinbase plans to use the platform to demonstrate the real-world utility of digital currencies and blockchain systems.
Coinbase’s sponsorship of the marathon is part of a broader strategy to encourage Australia’s legal framework to adapt and recognise cryptocurrencies as a legitimate asset class. Through its partnership with the marathon, the company will highlight how blockchain—the technology that allows cryptocurrencies to be securely traded without banks—can be applied to different sectors, including sports.
One of the key features of Coinbase’s involvement is the creation of the first “permanent record of Australian marathon results” using blockchain. Upon completing the race, participants will be able to redeem a unique “digital trophy,” certifying their finishing times. This collectable will give runners access to various performance metrics, official race times, a digital medal, and a runner’s bib—bringing the tech behind crypto closer to everyday use.
In addition to the digital trophies, runners who sign up for a Coinbase account with a special code will be rewarded with $20 in bitcoin after their first trade, introducing them to the cryptocurrency world via a secure and user-friendly platform. This incentive is part of Coinbase’s push to help Australians engage safely with digital assets, amid the industry’s ongoing efforts to shed its reputation following high-profile failures like the collapse of FTX.
With more than a quarter of Australians now owning cryptocurrency, the digital asset market is rapidly expanding. However, despite this surge in popularity, Coinbase Asia Pacific Managing Director John O’Loghlen believes the country’s regulatory environment is lagging behind the fast-evolving crypto sector.
“You have the regulators in the Emirates in the Middle East working very hard to attract human capital and capital to that market. They’re probably the most progressive in the market, and then we also have an international exchange we’ve recently launched out of Bermuda, for accredited and qualified investors that we believe is also domiciled in an environment where they’re very savvy and aware of the regulations needed to keep offering these innovative products,” O’Loghlen stated.
O’Loghlen further highlighted that over 5.6 million Australians—roughly 27% of the population—are involved in crypto, with two-thirds of that group trading at least once a month. “The reality is that 5.6 million Aussies is about 27 per cent of the population. And then of that cohort two-thirds have traded crypto at least once a month. We’ve got an average portfolio of $20,000 so the train’s left the station in terms of an asset class.”
Coinbase’s partnership with the Melbourne Marathon signals a significant push to normalise cryptocurrency and demonstrate that it has practical applications beyond speculative trading. As the crypto sector continues to evolve, Coinbase is determined to lead the charge for regulatory change and public acceptance, positioning itself at the forefront of Australia’s crypto economy.