SelfWealth became Australia’s first online brokerage platform to trade securities for cryptocurrencies.
SelfWealth and its partner, cryptocurrency exchange BTC Markets, are awaiting approval from Australian financial regulator AUSTRAC to trade crypto-denominated securities from the second quarter of 2022.
Selfwealth, the fourth largest online brokerage platform in Australia, announced its intention to provide users with access to cryptocurrency transactions back in July last year. The platform management decided to add cryptocurrency trading after conducting a survey among clients. The survey revealed that 30% of the clients of the brokerage platform have already invested in cryptocurrencies, and 38% are ready to invest in them. The company interpreted this as a growing demand for cryptocurrencies among Australians.
SelfWealth CEO Cath Whitaker believes that after passing the “crypto winter” phase, from November 2021 to January 2022, the launch of a new direction can be successful:
“This is a good time to launch. Bitcoin reflected the speculative mood of investors, but after the fall in value, new opportunities have opened up and a fair price is recovering.”
SelfWealth and BTC Markets declined to elaborate on which cryptocurrency will be available at launch, as well as details on brokerage fees.
Last fall, cryptocurrency exchange BTC Markets reported that the average portfolio size of an Australian crypto investor increased by 258.2%, from $577 to $2,069.
Source: Bits
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