Public company SelfWealth (ASX: SWF) is said to have become the first online stock trading platform in Australia to offer crypto investments after announcing an agreement with local crypto exchange BTC Markets.
In an interview with Cointelegraph, BTC Markets CEO Carolyn Bowler said that investors will be able to trade the five major cryptocurrencies from the second quarter of 2022, pending approval from Australian financial regulator AUSTRAC.
SelfWealth and BTC Markets were unable to comment on which cryptocurrencies would be available for purchase before the green light was given by regulators, but market leaders such as Bitcoin (BTC) and Ethereum (ETH) are likely to be among them. .
Australia’s fourth-largest online brokerage platform Selfwealth announced the move to crypto in July last year when the $8 billion broker released a report saying 30% of its users were already investing in cryptocurrency, and 38% hoped to. Invest in the future.
When asked if the current fear of “cryptocurrencies” would dampen the enthusiasm of retail buyers of cryptocurrencies on the platform, Boller confidently replied that “everyone who has been in business for a long time knows that cryptocurrencies are volatile,” and that one looks at the currency encrypted. Markets through a post for several months is not recommended.
Adjusting any potential concerns further, Bowler, based on his own experience, added the following:
“I’ve had a crypto intern before, and I don’t think that’s where we are now…what we’re seeing now is more of a reasonable reaction to market conditions than a full crypto intern.”
Instead of worrying about the expected volatility in the cryptocurrency markets, Buller said, what she sees as more impressive from a trading point of view is “a wall of buying interest… no one in the broader market really wants to sell.”
Buller said the partnership between SelfWealth and BTC Market demonstrated greater legitimacy for the widespread use of cryptocurrencies.
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While many large companies still view cryptocurrencies as a “risk” asset, SelfWealth, with a client base of self-managed super funds (SMFs) and traditional investors, aims to stand out from the crowd by eliminating this misconception.
Bowler was not shy about highlighting the scope of opportunities taken by SelfWealth and BTC Markets. She added, “I believe that [cryptocurrency] will be the mainstay of the Australian financial industry over the next three to five years. Financial services represent 8% of all Australian production, and it is reasonable to assume that cryptocurrency will support 10-15% of that volume.”
