Melbourne-based SelfWealth, a non-bank low-cost online share trading platform listed on the Australian Securities Exchange (ASX), has announced plans to open crypto trading for its customers.
SelfWealth Responds to Customer Demands
The company has enjoyed strong growth over the past 12 months on the back of its compelling value proposition – namely low-cost, simplified trading of both Australian and international stocks on one platform.
The ability to trade US stocks, which was only launched in December last year, has proven to be particularly popular. Currently, the value of total securities held on the platform is around A$5.9 billion.
Earlier this year, SelfWealth conducted a survey of its customers and established that more than half were already crypto investors. Furthermore, two-thirds of respondents expressed an interest in the sector.
Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions … we want to make investing for our customers as seamless as possible.SelfWealth chief executive Cath Whitaker
Whitaker touted the new functionality, offering customers a single platform to invest in both local and US shares as well as crypto assets, an “Australian first”.
Basic Details of the Move
The company plans to add up to 10 cryptos by the end of the year, which will include both Bitcoin and Ethereum. Details of which other cryptos will be included are not clear.
Much like conventional share trading, SelfWealth will look to charge a flat percentage fee for all crypto trades and the current plan appears to be that the crypto will be held in an integrated third-party wallet.
SelfWealth has not yet elaborated on specific details relating to which exchange it would be working with and whether users would be given the choice of custodying their own crypto assets. However, the company had this to say in its official press release:
We will be partnering with an established and secure cryptocurrency exchange to provide access to cryptocurrencies … we will factor in popularity, liquidity and security.Jarrod Purchase, marketing manager, SelfWealth
It’s clear that crypto is slowly gaining mainstream approval as traditional financial institutions increasingly look to offer their clients crypto exposure. Unlike most financial products, it appears that customers are the driving force behind the change, not the institutions themselves.
The highly anticipated Aussie crypto ETF is undoubtedly going to accelerate the process of greater crypto adoption, although the timing of an ASX approval remains unclear at this juncture.
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