By
Steve Muchoki
April 17th, 2024
SelfWealth, a non-bank broker listed on the Australian Security Exchange plans to open crypto trading for its customers, as reported by the Australian Financial Review.
The online platform SelfWealth is currently in talks with multiple crypto exchanges to add the digital asset/crypto trading functionality for its large customer base comprising 95000 investors and active traders. Bitcoin and Ethereum are among the 10 cryptocurrencies to be added to the platform by the year-end.
SelfWealth reported that almost two-thirds of their customer base have either plans to invest in crypto or are already holding these digital assets. This new functionality will provide the customers with a single platform to invest in both local and US shares as well as crypto assets, touted by SelfWealth CEO Cath Whitaker as an ‘Australian First’.
About SelfWealth amid Its Crypto Plans
SelfWealth is an almost decade-old fintech entity that began with the goal of providing Australians with a platform to trade in shares without having to pay an exorbitant brokerage fee. They were the first ones in Australia to introduce the novel flat-fee trading mechanism.
It involved charging customers a flat $9.50 per trade on Aussie stocks and $US9.50 ($12.70) on US stocks. With respect to crypto trading, the company has confirmed charging traders a fixed flat percentage fee that will account for the share of the exchange partner as well.
Holding a total of 5.15 billion AUD in assets, the platform uses ASX’s Clearing House Electronic Sub register System (CHESS) for its trading activities. As reported earlier, this old system is going to be replaced by a robust new model based on distributed ledger technology. This blockchain-based system will not just improve transaction and settlement speeds, but also introduce the Australian Financial System to the crypto world.
SelfWealth recorded its second-best quarter amassing a revenue of $5.1 mn with an addition of 9195 customers. The growing online trading platform is one of the most trusted non-bank platforms in the country. Crypto trading on SelfWealth will put the digital asset in the country’s mainstream investment picture.
What does Crypto Acceptance Mean in the Australian Financial Landscape?
This slow and steady transition towards all things crypto points towards the fact that more and more Australians are being open to investing in cryptocurrencies and the investment industry’s acceptance of these controversial digital assets.
According to CEO Whitaker, in current times, if you want to use invest in different asset classes, the customers need to access multiple trading platforms and constantly need to move their money. SelfWealth’s crypto functionality with an integrated third-party wallet will enable seamless access to all asset classes in one single place, thus saving time and energy.
While some countries are putting holds on the use of cryptocurrencies and issuing restrictions against the same, others are trying to merge them with their existing financial systems. The future of cryptos is still a long way ahead but its sound reception by countries confirms that it is here to stay.