- SelfWealth plans to add cryptocurrencies to its share-trading platform.
- Bitcoin, Ethereum, and another eight cryptocurrencies to be added to the platform by the end of 2021.
- Opportunity for cryptocurrency exchange partners to absorb demand from Australian share-trading platforms and offer trading functionality.
SelfWealth has a bullish outlook on cryptocurrencies. In a move to make crypto trading seamless for Australian traders, the platform plans to partner with a cryptocurrency exchange.
Growing institutional interest in cryptocurrencies among Australian traders has motivated the trading platform SelfWealth to offer crypto trading services to its users. Before working on a plan to add crypto to its offerings, SelfWealth conducted a survey. Insights revealed that 30% of them actively trade cryptocurrencies and an additional 38% of customers indicated that they are interested in cryptos.
In response to its users’ demand, the Australian Securities Exchange-listed platform has announced plans to cater to its customer base of active crypto traders and investors.
SelfWealth is one of the largest online non-bank brokers, with 95,000 investors. It now intends to add up to ten of the more established crypto assets including Bitcoin and Ethereum through a partnership with a cryptocurrency exchange to integrate a third-party wallet provider.
According to Cath Whitaker, Chief Executive at SelfWealth, the company is Australia’s first to offer real-time cryptocurrency trading alongside US shares and CHESS Sponsored local shares.
Competitors like micro-investing platform Raiz offer investors the option to expose a fixed percentage of their portfolio to Bitcoin, and they regulate it as a managed investment scheme. However, this is different from the direct share-trading that SelfWealth plans to offer.
Whitaker said,
Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions.
