The widely known Australian SelfWealth is now attempting to complement its 95,000 investors with a variety of cryptocurrencies. According to the Australian Financial Review, this company is trying toward making that cryptocurrency liquid, so that it can be used for trading. Seeing that this establishment has a plentiful amount of $4.4 billion in its platform, this idea could soon be transmitted into action.
SelfWealth aims to provide its platform with a wide array of cryptocurrencies. By the end of the year, it is planned that this corporation will have 10 cryptos in their platform, such as Bitcoin and even Ethereum. However, SelfWealth will still preserve the fee for trading cryptos, as it has with its original trading of equities.
A new wave of investing has hit the country, where more than 66% of the firm’s clients are eager to invest in their digital assets, rather than the ‘old school’ investments.
The CEO of this aspiring company notes that such a trading platform has not been available before in Australia. This model will not only allow for investors and traders to cooperate with local shares, but they will also be able to trade shares that are based in the US.
Contrary to the US, Australia is falling behind in regards to a platform where cryptocurrency trading can happen. The US has many of these exchanges, such as Robinhood, and implementing a similar platform in Australia would be a huge step toward modern investment.
Ultimately, ASX is aspiring to substitute their old way of trading, with a new, more advanced way. However, traders are on their toes, since there is no exact date that indicates when this will happen.