SelfWealth Planning to Add Cryptocurrency on its Platform

July 12, 2021


One of the largest non-bank online brokers in Australia, with over 95,000 investors, an Australian Securities Exchange (ASX) listed firm SelfWealth is planning to add cryptocurrency trading on its platform.


The firm is currently in talks with crypto platforms to add functionality for exchanging the digital money class, as per the report by the Australian Financial Review on Sunday. Nearly $5.9B in total value of securities has been held on the SelfWealth platform.


The organization intends to amount to 10 cryptos on its foundation including bitcoin (BTC) and Ethereum (ETH) by the end of the year which will be held in an incorporated outsider wallet. SelfWealth will likewise hope to charge a level rate expense for each cryptocurrency exchange it conducts for the benefit of customers just like the case among its customary equity exchanges. 


More than 66% of its client base, involving dealers and financial backers, hold or plan to put resources into computerized resources, per the report, meaning an increase in demand among the country’s conventional investors. 


SelfWealth CEO Cath Whitaker said having the option to purchase and sell cryptocurrency just as exchange local and U.S.- based offers utilizing the ASX’s Clearing House Electronic Subregister System (CHESS), on a similar stage would be an Australian first.


Furthermore, Whitaker stated that moving between well-known investment types generally requires access to number of exchanging platforms and the investors require to move the money multiple number of times.


However, the ASX is seeking to replace its aging CHESS system by a distributed ledger tech. a variant to fasten up the settlement and transactions, though not without its delays and no specified date has been given. 


Platforms in U.S, like Robinhood already enable the users to exchange cryptocurrency and shares in one place but Australia’s investors are a bit slow to adopt crypto exchanging among traditional types. 



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