Tuesday, October 4, 2022
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The first Australian brokerage to offer cryptocurrency services is here

SelfWealth, an Australian brokerage platform, will be the first to provide crypto trading to local clients.

Australians will be able to trade crypto alongside US, ASX, and soon-to-be-Singapore equities in one convenient location. Existing customers will not need to create a new account, and the UI will only be slightly altered. SelfWealth partnered with BTC Markets, one of Australia’s oldest crypto exchanges, to provide this service.

From the second quarter of 2022, customers will be able to trade five digital assets, according to Carlone Bowers, CEO of BTC Markets. This, however, is subject to approval by AUSTRAC, Australia’s financial watchdog. SelfWealth revealed that they chose to offer bitcoin services after learning that more than 30% of their members were already trading the digital currency. In reality, Australia has around 800,000 crypto investors.

Furthermore, Australia’s leading tax authority stated that in 2021, more than 100,000 citizens paid taxes on cryptocurrency gains. With 120,000 active investors, SelfWealth is the country’s fourth-largest brokerage platform. Furthermore, the 11-year-old organisation manages $8 billion in assets.

BTC markets, on the other hand, claimed that over 300,000 Australians transacted over $21 billion in cryptocurrency on their platform.

It’s a wrap for this story.

 

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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