Australian Broker SelfWealth to Offer Crypto by Year-End

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  • SelfWealth brokerage firm intends to expand its portfolio of services by adding cryptocurrency trading.
  • The broker aims to encompass the 10 most recognized cryptocurrencies, including Bitcoin and Ethereum.
  • 2.9 million Aussies are currently trading cryptocurrency from their phones.

SelfWealth, a trading platform for Australian and US shares, aims to become an “Australian first” brokerage firm to allow the trading of both stock and crypto in one place. The brokerage firm intends to expand its portfolio of services by adding cryptocurrency trading.

As per a report by the Australian Financial Review, the nine-year-old fintech is in negotiations with a number of crypto exchanges, attempting to spot the best choice for adding the trading functionality of the emerging crypto class.

The online broker, which is a leading non-bank brokerage firm with 95,000 investors, plans to encompass the 10 most recognized cryptocurrencies. Reportedly, the firm aims to add this new feature by the year-end, through integration with a third-party wallet.

Cath Whitaker, chief executive at SelfWealth, asserted that their brokerage firm would be an “Australian first” to allow the trading of both cryptocurrencies and Australia and US shares in one platform. She also pointed out that Australians believe crypto is a part of the future. She stated:

Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions.

Whitaker further added that presently it is arduous for individual traders to invest in a diverse portfolio of assets, and claimed SelfWealth aims to address this issue. “We want to make investing for our customers as seamless as possible. Currently, moving between popular investment types usually requires access to multiple trading platforms and for investors to move money multiple times,” she said.

Australians Believe Crypto is Here to Stay

Prior to the announcement, SelfWealth had conducted a survey among 3500 of its users, asking their opinions regarding cryptocurrencies. The survey found that 30% had already invested in some type of cryptocurrency while an extra 38% have plans to invest in the future.

This comes as no surprise since a very recent survey revealed that 2.9 million Aussies are constantly trading cryptocurrency from their phones. Furthermore, the survey, which was conducted by Finder, reported that one in three Australians believe Bitcoin will eventually become a currency.

Australian millennials are most bullish on cryptocurrencies. A separate survey by Kraken exchange discovered that around 39% of Aussie millennials observe crypto assets as a valid alternative to Australia’s skyrocketing property market. The survey also detected that approximately 4 million Aussies say they have plans to purchase some kind of cryptocurrency within the next 12 months.