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An Australian Securities and Exchange Listed Company, SelfWealth is planning to roll out crypto services on its platform by the end of the year. It is the largest non-bank online broker in Australia.
SelfWealth, Securities and Exchange Listed (ASX) company from Australia is all set to offer crypto from its platform. The company is also one of the largest non-bank online brokers. It is a nine years old fintech firm. They have more than 95,000 investors currently. As per the reports filed on Sunday by the Australian Financial Review, the company is in talks with cryptocurrency exchanges in order to add functionality for trading the nascent asset class.
The company holds around $9.5 billion (US$4.4 billion) in the total value of securities. All set to offer the services to the crypto enthusiasts, the company initially will offer ten cryptos on its platform. This will include Bitcoin and Ethereum as well.
Looking for a bright future
SelfWealth plans to roll out the services by the end of 2021 with the help of an integrated third party wallet. The company will charge a flat percentage fee for each crypto traded on the platform on the behalf of the clients. This will also be the case amongst its traditional equities trades.
Among the total customer base, more than two-thirds of its customer base consists of traders and investors, who hold or plan to invest in virtual currencies. According to the report, there is a substantial amount of increase in demand among the country’s traditional investors.
Cath Whitaker, CEO of SelfWealth said that it will be the privilege of the company to have offered services to buy and sell cryptos. The company is also happy to trade local and U.S.-based shares using ASX’s Clearing House Electronic Sub register System or CHESS on the same platform. The company would be an Australian First to offer such services.
Traditional Vs Modern
In the US, customers can trade shares and crypto in one place via platforms like Robinhood. But the investors in Australia were slow to adapt to cryptocurrency trading among traditional types. The movement between popular investment types requires access to multiple trading platforms and for investors to money multiple times.
The company is now ready to change its old CHESS system with a distributed ledger technology. This will speed up the settlement process and transactions. But it cannot give the exact date to deliver and delays to happen.
Site Finder has also done research on the crypto scenario in the country and had found that Australian investors are divided among those who believe crypto-assets are a legitimate investment and those who do not.
But after the SelfWealth announcement of adding cryptos to its portfolio, is a sign of the mainstream investment industry’s acceptance of crypto.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
