SelfWealth is collaborating with Aussie exchange SelfWealth to allow its 325K users to trade cryptocurrencies

After announcing a collaboration with the local crypto exchange BTC Markets, publicly-listed firm SelfWealth (ASX: SWF) has become the first Australian online share trading platform to offer cryptocurrency investing, according to reports. Investors will be able to trade five primary cryptocurrencies from Q2 2022, pending AUSTRAC’s approval, according to BTC Markets

Until regulators give the go-ahead, SelfWealth and BTC Markets were unable to comment on which crypto assets will be available for trade. It’s quite probable that market leaders such as Bitcoin (BTC) and Ethereum (ETH) will be among them.

In July last year, Wealth, Australia’s fourth-largest online brokerage firm, announced its entrance into crypto with the $8 billion broker releasing a study revealing that 30% of its customers were investing in cryptocurrencies right now, while 38% intended to do so in the future.

Bowler was asked if the current fears of a “crypto winter” would dampen retail crypto buyers’ enthusiasm on the site, and he responded that “anyone who has been around for a while knows that crypto is volatile,” adding that looking at the cryptocurrency markets from a few months ago is meaningless.

“I’ve been through a crypto winter before, and I don’t think we’re in one now,” she continued. “What we’re seeing right now is more of a reasonable reaction to market circumstances than a full-fledged crypto-winter.”

The fact that SelfWealth and BTC Market have teamed up demonstrates even more legitimacy to cryptocurrency’s global adoption, according to Bowler. “The wall of interest on the buy side… no one in the broader market really wants to sell,” she remarked about SelfWealth and BTC Market’s collaboration.

SelfWealth, with a customer base that includes self-managed super funds (SMSFs) as well as more traditional investors, is attempting to set itself apart from the competition by putting an end to the notion that crypto is a “high-risk” investment.

While some of the themes may seem similar to those covered in previous blogs, the author’s enthusiasm for SelfWealth and BTC Markets was clear. “I believe that crypto will be a pillar of Australia’s financial services industry in the next three to five years,” she stated. Financial services account for 8% of Australia’s gross.

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