SelfWealth is adding a crypto exchange to its platform. The Australian online broker has said that following a demand for cryptocurrency, retail investors would soon be able to buy and sell cryptocurrencies on its platform.
SelfWealth is responding to the growing interest in cryptocurrencies, and following a survey of 3500 of its 95,000 members, they found 30% were already investing in crypto and 38% were intending to invest.
SelfWealth chief executive Cath Whitaker commented on the update:
"Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions. We are on track to deliver cryptocurrency exchange functionality by year end [...] SelfWealth remains intent on providing an easy to use, low cost, high value, wealth creation platform for all Australians to use. We will build without gimmicks and provide investors independent but credible content and information,"
As one of the largest non-bank online brokers in Australia, SelfWealth has over 95,000 investors, and plans to include several of the most popular cryptocurrencies to its platform including bitcoin and ether by the end of the year.
This marks the first mainstream broker in Australia to allow investors to buy and sell crypto as well as trade local and U.S.-based shares using the ASX’s Clearing House Electronic Subregister System, or CHESS, on the same platform, the CEO of Self Wealth added.
Currently, around one in six australian’s owns crypto, according to a report by Finder. This shows an increase of 12% from the start of the year. And while crypto adoption in Australia remains limited by fears around volatility, the overall findings by the survey indicate that cryptocurrency adoption in Australia is growing.
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