Australian Online Broker SelfWealth Becomes the First Platform to Add Crypto for Trading

Australian online broker SelfWealth plans to list ten cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), on its trading platform to provide customers with diversified investment categories before the end of this year.

SelfWealth currently is one of Australia's largest non-bank online brokers, listed on the Australian Securities Exchange (ASX).

Its platform owns 95,000 investors, with assets under management exceeding 5.9 billion Australian dollars (US$4.4 billion).

According to a report from the Australian Financial Review on Sunday, SelfWealth plans to store cryptocurrencies in an integrated third-party wallet and provide customers with real-time cryptocurrency transactions. It will charge for each cryptocurrency transaction with a certain fixed percentage of the handling fee, similar to traditional stock transactions.

SelfWealth recently surveyed 3,500 of its 95,000 members, suggesting 30% invest in crypto, and 38% intend to invest in digital assets.

The CEO of SelfWealth, Cath Whitaker, revealed that:

"Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions. We are on track to deliver cryptocurrency exchange functionality by year-end."

The trading platform firstly launched US stocks in December 2020. Whitaker believes that this plan to add cryptocurrency investment to the platform will be an "Australian first"-investors can buy and sell crypto assets in real-time while trading local stocks and U.S. stocks on the same platform.

"Moving between popular investment types usually requires access to multiple trading platforms and for investors to move money multiple times," Whitaker said.

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