The public company SelfWealth (ASX: SWF) has reportedly become the first online stock trading platform in Australia to offer crypto investments after announcing an agreement with the local cryptocurrency exchange BTC Markets.
In an interview with Cointelegraph, BTC Markets CEO Carolyn Poehler said 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 could not comment on which cryptocurrencies will be available for purchase before the green light is given by regulators, but it is possible that market leaders such as Bitcoin (BTC) and Ethereum (ETH) are among them.
Australia’s fourth largest online brokerage platform, Selfwealth, announced the transition to crypto in July last year, when the $ 8 billion broker released a report showing that 30% of users are already investing in crypto and 38% are looking forward to it. . Invest in the future.
Asked if the current fear of a “cryptocurrency winter” will ease retail buyers of cryptocurrencies on the platform, Buller confidently replied that “everyone who works for a long time knows that cryptocurrencies are volatile” and that looking at cryptocurrencies through a prism for a few months is inappropriate
To further allay any potential concerns, Boller drew on her own experience when she added:
“I’ve been through cryptowinter before, and I do not think that’s where we are right now … what we are seeing now is a smarter response to market conditions than a full-fledged cryptowinter.”
Instead of worrying about the expected volatility of the cryptocurrency markets, Bowler said that what she finds most impressive from a trading standpoint is “a wall of buying interest … no one in the broader market really wants to sell.”
Buller said that the partnership between SelfWealth and BTC Market demonstrated the greater legitimacy of the widespread use of cryptocurrencies.
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While many large companies still view crypto as a “risk” asset, SelfWealth, with a customer base consisting of self-managed super funds (SMEs) and more traditional investors, aims to stand out from the public by stopping this misconception.
Boehler was not shy about highlighting the scope of opportunities SelfWealth and BTC Markets have taken. She added: “I think cryptocurrency will be the mainstay of the financial industry in Australia in 3-5 years. Financial services account for 8% of total Australian production, and it is reasonable to assume that cryptocurrency will support 10-15% of this volume. . “