SelfWealth, a publicly traded firm, will be the first online share trading platform in Australia to provide crypto trading services.
This happened when the firm teamed up with BTC Market, a local bitcoin exchange. SelfWealth’s 325,000 customers will now be able to invest in cryptocurrency through the platform as a result of the change.
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SelfWealth, an online Australian platform, is set to become the country’s first traditional stockbroker to provide cryptocurrency to domestic customers.
According to a press statement issued on Tuesday, the platform has reached an agreement with BTC Markets, one of the country’s oldest crypto exchanges, to allow SelfWealth clients to store their digital assets under one roof.
Customers of SelfWealth will be allowed to trade five cryptos awaiting permission from financial watchdog AUSTRAC, however, the specifics of which assets will be chosen have yet to be revealed.
According to the statement, SelfWealth, an 11-year-old fintech, is Australia’s fourth-largest online brokerage platform, with around 120,000 active users and $8 billion in assets under management.
It had planned to begin providing crypto to its consumers by the end of last year but had been searching for a credible exchange partner for seven months. After seeing that more than 30% of its users were already dealing in digital assets, the broker decided to pursue crypto.
The island country, which has 800,000 crypto investors, is slated to launch a new payment regulatory framework this year, with an emphasis on establishing a licensing regime for digital assets.
The nation gave the grant to tax accountant Kova Tax earlier this month for the development of their crypto tax reporting platform, marking another first as Australia accelerates its crypto acceptance, legislation, and education.
