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SelfWealth teams up with BTC Markets for crypto services

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SelfWealth, a publicly-traded company in Australia, will become the first online share trading platform to venture into cryptocurrencies. SelfWealth will offer crypto investments through a partnership with BTC Markets, a local cryptocurrency exchange.

SelfWealth to launch crypto trading services

The CEO of BTC Markets, Caroline Bowler, said that through this offering, clients on SelfWealth would gain access to five of the most popular digital assets during the second quarter of 2022. However, the firm is currently awaiting approval from AUSTRAC, the Australian financial market regulator.

The firm is yet to confirm the cryptocurrencies that will be made available once they receive regulatory approval. However, Bitcoin and Ethereum, as the two largest cryptocurrencies, could be among the offered crypto investments.

SelfWealth is the fourth-largest online brokerage firm in Australia, with a valuation of $8 billion. Last July, the firm announced that 30% of its clientele was already investing in cryptocurrencies, while another 38% considered crypto for future investments.

Bowler added that the recent performance of the crypto market would not necessarily deter investors from venturing into the sector. “Anyone who’s been around for the long haul knows that crypto is volatile,” she said, emphasizing that short-term performance could not be used to gain an entire perspective of the market.

“I’ve been through a crypto winter before, and I don’t think that’s what we’re in now… what we’re seeing now is more of a reasonable response to market conditions than a fully-fledged crypto-winter,” Bowler added. She also stated that the market’s volatility presented an opportunity for buyers to sell when the market was low.

SelfWealth sees opportunity in crypto

According to Bowler, the partnership with BTC Markets represented that the level of cryptocurrency adoption had grown significantly. Despite the volatility of the cryptocurrency sector, some of the leading institutions, such as SelfWealth, are presenting an opportunity for their clients to venture into the sector.

The largest customer base of SelfWealth comprises self-managed super funds (SMSFs) and other traditional investors that want to offer a unique set of services by differentiating themselves from others in the sector.

Bowler further said that many opportunities lay in the crypto sector, and SelfWealth was looking to exploit. “I think that [crypto] will be a pillar of Australia’s financial services industry in the next to 3-5 years. Financial Services make up 8% of Australia’s total economic output, and it’s reasonable to assume that crypto will support 10-15% of that.”

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