Australian online broker SelfWealth to offer crypto trading

SelfWealth’s move into crypto investment falls in line with the company’s efforts to shift from a pure share trading platform to a “wealth creation platform”.

SelfWealth, a share trading platform listed on the Australian Securities Exchange, is planning to offer cryptocurrency trading as part of its 2021 roadmap.

On Monday, SelfWealth officially announced that the company will partner with an “established and secure cryptocurrency exchange” to offer crypto trading on its platform.

“This is off the back of research we’ve done, including answers from many of you. You want to access crypto, but you want it done in a safe and secure manner. You will be able to trade cryptocurrencies that have been vetted by us first,” SelfWealth wrote.

SelfWealth’s move into crypto investment comes amid the company’s transition efforts from a pure share trading platform to a “wealth creation platform,” the firm noted.

According to a report by the Australian Financial Review, SelfWealth intends to support up to 10 major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) by the end of the year. 

“Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions,” SelfWealth chief executive Cath Whitaker said.

Related: Investment app Betterment looking into long-term crypto offering, says CEO

The announcement comes shortly after SelfWealth released a survey of 3,500 customers which found that 30% of respondents have already invested in crypto. Another 38% reportedly indicated that they were planning to invest in digital assets.

Australia has been steadily emerging as a major crypto-friendly jurisdiction as the country’s major financial regulator, the Australian Securities and Investments Commission, took a supportive stance on developing the local crypto industry. The authority is now seeking public feedback on crypto-asset exchange-traded products, stating that it is aware of growing demand for them in Australian markets.