Australian trading platform SelfWealth to offer crypto trading to its 325,000 users


Listed company SelfWealth (ASX:SWF) has reportedly become Australia’s first online equity trading platform to offer cryptocurrency investments after announcing a deal with local crypto exchange BTC Markets.

In an interview with Cointelegraph, BTC Markets CEO Caroline Bowler said that investors will be able to trade five core crypto assets from the second quarter of 2022, pending approval from Australian financial regulator AUSTRAC.

SelfWealth and BTC Markets were unable to comment on which crypto assets would be available for purchase until regulators give the green light, but it is reasonably likely that market leaders such as Bitcoin (BTC) and Ethereum (ETH) will be among them. .

Selfwealth, Australia’s fourth-largest online brokerage platform, announced its crypto journey in July last year with the $8 billion broker releasing a report highlighting that 30% of its users were investing already in cryptocurrency, while a further 38% were looking to invest in the future.

When asked if the current fears of “crypto winter” will dampen the enthusiasm of retail crypto buyers on the platform, Bowler confidently replied that “anyone who has been around for a long time knows that the crypto is volatile”, and that looking at the crypto markets on the horizon of a few months is impractical

Further tempering any potential fears, Bowler drew on her own experience when she added that:

“I’ve been through a crypto winter before and I don’t think that’s what we’re experiencing now… what we’re seeing now is more of a reasonable response to market conditions than a full-fledged crypto winter.”

Rather than worrying about the expected volatility in crypto markets, Bowler said what she finds most impressive from a trading perspective is “the wall of interest on the buy side. . nobody in the wider market really wants to sell.”

Bowler said the partnership between SelfWealth and BTC Market demonstrates even greater legitimacy to the widespread adoption of cryptocurrency.

Related: Coinbase partners with OneRiver to roll out a new institutional platform

While crypto is still seen as a “risky” asset by many large companies, SelfWealth, with a client base of super self-managed funds (SMSFs) and more traditional investors, seeks to stand out from the crowd by suppressing this idea. fake.

Bowler was quick to point out the magnitude of the opportunity that SelfWealth and BTC Markets were taking advantage of. She added: “I think [crypto] will be a mainstay of the Australian financial services industry in the next 3-5 years. Financial services account for 8% of Australia’s total economic output and it’s reasonable to assume that crypto will support 10-15%.

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