SINGAPORE (Reuters) -Cryptocurrency exchange Gemini said on Thursday it has launched an Australian operation as the firm expands into the country, offering its digital currency exchange services to tap into growing demand.

“We think that there’s enough market opportunity for us to build a local platform,” Saad Ahmed, head of APAC at Gemini, told Reuters on the sidelines of the TOKEN2049 crypto conference in Singapore last week.

“We have some institutional customers from Australia, and I think that is another area where we’ve seen some growth. So having a team on the ground, building a business which is localised, which is optimised for Australian users… makes sense for us.”

The crypto adoption rate in the country rose to 31% as of early this year, up from 28% last year, according to the

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