Aussie trading platform SelfWealth to offer crypto trading to its 325K users

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Pub­licly-list­ed com­pa­ny Self­Wealth (ASX: SWF) has report­ed­ly become the first Aus­tralian online share trad­ing plat­form to offer cryp­tocur­ren­cy invest­ing after announc­ing a deal with the local cryp­to exchange BTC Markets. 

In an inter­view with Coin­tele­graph, BTC Mar­kets CEO Car­o­line Bowler stat­ed that investors will be able to trade five pri­ma­ry cryp­to assets from Q2 2022, pend­ing approval from Aus­tralian finan­cial reg­u­la­tor AUSTRAC. 

Both Self­Wealth and BTC Mar­kets were unable to pro­vide a 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 jour­ney into cryp­to in July last year with the $8‑bil­lion-dol­lar bro­ker releas­ing a report out­lin­ing that 30% of its users were already invest­ing in cryp­tocur­ren­cy, while anoth­er 38% were look­ing to invest in the future. 

When asked if the cur­rent fears of “cryp­to win­ter” would damp­en the enthu­si­asm of retail cryp­to buy­ers on the plat­form, Bowler respond­ed con­fi­dent­ly that “any­one who’s been around for the long-haul knows that cryp­to is volatile,” and that look­ing at the cryp­to mar­kets from the lens 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 in now… what we’re see­ing now is more of a rea­son­able response to mar­ket con­di­tions than a ful­ly fledged crypto-winter.”

Rather than being con­cerned with the expect­ed volatil­i­ty of cryp­to mar­kets, Bowler said that what she found most impres­sive from a trad­ing stand­point was “the wall of inter­est on the buy side… no one in the broad­er mar­ket real­ly wants to sell.” 

Bowler said that Self­Wealth and BTC Market’s part­ner­ship demon­strat­ed even fur­ther legit­i­ma­cy to the broad-scale adop­tion of cryptocurrency. 

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While cryp­to is still con­sid­ered a “risky” asset by many major firms, Self­Wealth, with a cus­tomer base that con­sists of self-man­aged super funds (SMS­Fs) and more tra­di­tion­al investors, is look­ing to dis­tin­guish itself from the crowd by quelling that misconception. 

Bowler did not shy away from empha­siz­ing the scale of the oppor­tu­ni­ty that Self­Wealth and BTC Mar­kets were tak­ing advan­tage of. She added: “I think that [cryp­to] will be a pil­lar of Australia’s finan­cial ser­vices indus­try in the next to 3–5 years. Finan­cial ser­vices make up 8% of Australia’s total eco­nom­ic out­put and it’s rea­son­able to assume that cryp­to will sup­port 10–15% of that.”

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