SelfWealth, an Australian Securities Exchange-listed (ASX) company has announced its plan of adding cryptocurrency to its business portfolio. SelfWealth is Australia largest non-bank online brokers with 95,000 investors that is looking to add crypto to its platform.
The company is in discussions with cryptocurrency exchanges in a bid to add functionality for trading the nascent asset class.
Around $5.9 billion (US$4.4 billion) in the total value of securities is currently held on the SelfWealth platform.
The Australian company will explore crypto business by adding 10 different cryptocurrencies, including Bitcoin to its portfolio. SelfWealth will also look to charge a flat percentage fee for every crypto trade it conducts on behalf of clients as is the case amongst its traditional equities trades.
Over two-thirds of its customer base of SelfWealth, consisting of traders and investors, are planning to invest in digital assets, per the report, signifying an increase in demand among the country’s traditional investors.
SelfWealth CEO Cath Whitaker said being able to buy and sell crypto as well as trade local and U.S.-based shares using the ASX’s Clearing House Electronic Subregister System, or CHESS, on the same platform would be an “Australian first.”
Today (July 12), the value of Bitcoin surged above $34,000 after a gap of many days. Till the filing of this report, Bitcoin was trading around $34,160.
