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Australian broker SelfWealth taps into BTC markets to offer crypto first in the country
Australian broker SelfWealth has signed a deal with crypto exchange BTC Markets to offer crypto investments. It is the first time in Australia's history that a broker of its kind will offer crypto to its customers. Australian online platform SelfWealth is expected to become the country's first traditional stock broker to offer cryptocurrencies to domestic customers. According to a press release on Tuesday, the platform has signed a deal with one of the country's longest-running crypto exchanges, BTC Markets, to open doors for SelfWealth customers to keep digital assets under one roof. “Currently, switching between popular investment types typically requires access to...
Australian broker SelfWealth taps into BTC markets to offer crypto first in the country
- Der australische Broker SelfWealth hat einen Vertrag mit der Krypto-Börse BTC Markets unterzeichnet, um Krypto-Investitionen anzubieten
- Es ist das erste Mal in der Geschichte Australiens, dass ein Broker seiner Art seinen Kunden Krypto anbietet
Australian online platform SelfWealth is expected to become the country's first traditional stock broker to offer cryptocurrencies to domestic customers.
According to a press release on Tuesday, the platform has signed a deal with one of the country's longest-running crypto exchanges, BTC Markets, to open doors for SelfWealth customers to keep digital assets under one roof.
“Currently, switching between popular investment types typically requires access to multiple trading platforms and for investors to move money multiple times,” said Cath Whitaker, CEO of SelfWealth. “We wanted to make investing in cryptocurrency as seamless as possible.”
SelfWealth customers will be able to trade five cryptos, subject to approval from financial regulator AUSTRAC, although details of which assets will be chosen have not yet been revealed.
“While the interface will be different, it still goes through the exchange, so no logistical or systemic difference,” BTC Markets CEO Caroline Bowler told Blockworks. “If you already have a SelfWealth account, you don’t need to set up a new BTC Markets account…which keeps all crypto, ASX, US and soon Singapore securities in one place.”
The move follows SelfWealth's seven-month search for a viable exchange partner with plans to offer crypto to its customers by the end of last year. The broker said it decided to pursue crypto after noticing that more than 30% of its members were already trading digital assets.
The island nation, which is currently home to 800,000 crypto investors, is expected to introduce a new payments regulatory framework this year that will focus on creating a licensing regime for digital assets.
Earlier this month, the country gifted tax advisor Kova Tax a grant to develop its crypto tax reporting platform, marking another first as Australia begins to accelerate the pace of crypto adoption, regulation and education.
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The post Australian Broker SelfWealth Taps BTC Markets to Offer Crypto in Country First is not financial advice.