Demand Rises, SelfWealth Starts Offering Cryptocurrency Trading In Australia

Australia is one of the friendliest countries for cryptocurrency trading. (photo: Liam Pozz/unsplash)

JAKARTA - SelfWealth, a stock trading platform listed on the Australian Securities Exchange, plans to offer cryptocurrency trading as part of its 2021 roadmap.

On Monday, July 12, SelfWealth officially announced that the company will partner with an “established and secure cryptocurrency exchange” to offer crypto trading on its platform.

“This is beyond the research we have done, including the answers from many of you. You want to access crypto, but you want it done in a safe and secure way. You will be able to trade cryptocurrencies that have been vetted by us first,” wrote SelfWealth.

SelfWealth's move into crypto investing comes amid efforts to transition the company from a pure stock trading platform to a “wealth creation platform”.

According to a report by the Australian Financial Review, SelfWealth intends to support up to 10 major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH) by the end of the year.

“Australians have decided that cryptocurrencies will remain and are looking for a trusted platform to facilitate their investment decisions,” said SelfWealth chief executive Cath Whitaker.

The announcement comes shortly after SelfWealth released a survey of 3,500 customers, which found that 30% of respondents had invested in crypto. While another 38% reportedly indicated that they plan to invest in digital assets.

Australia has become a major crypto trading friendly jurisdiction as the country's financial regulator, the Australian Securities and Investments Commission, has taken a supportive stance to develop the local crypto industry.

These Australian authorities are now seeking public feedback on products traded on crypto asset exchanges, and state that they are aware of the growing demand for cryptocurrencies in the Australian market.