SelfWealth chooses BTC Markets as crypto launch partner
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Australia’s fourth-largest online broking platform says it will offer crypto trading in partnership with Melbourne crypto exchange BTC Markets – but still hasn’t said when the product will launch.
“For everyone asking about crypto — we’re getting there!” the platform tweeted.
SelfWealth said the partnership means its 120,000 active Australian investors will be able to trade crypto alongside bourses in Australia, the United States and soon, Hong Kong.
“Currently, moving between popular investment types usually requires access to multiple trading platforms and for investors to move money multiple times,” said SelfWealth chief executive Cath Whitaker.
“We wanted to make investing in cryptocurrency as seamless as possible.”
BTC Markets is one of the largest homegrown crypto exchanges in Australia, and says 325,000 Aussies have traded more than $21 billion on the platform.
SelfWealth looked into adding crypto after a survey of its members that found 30 per cent were already investing in digital currency and 38 per cent intended to invest more in the future.
Many SelfWealth members bought into the Betashares Crypto Innovators ETF (ASX:CRYP) when it launched in November, the company said.
The company picked BTC after a “rigorous selection process” to ensure its exchange partner is best suited to the SelfWealth community, it said.
SelfWealth said in January it had $646 million in client cash and $7.97 billion in securities held for clients as of the end of 2021.