Australian share trading platform SelfWealth is looking to introduce cryptocurrency trading to its 95,000 investors by the end of the year. the company said in a press release on 12 July.
According to the announcement, the move is part of the company’s 2021 roadmap, and is in response to a survey of 3,500 customers, two thirds of which stated that they either hold or plan to invest into cryptocurrencies. The Australian Securities Exchange-listed company is already in talks with an “established and secure cryptocurrency exchange” to offer such services on its platform. The firm said in its press release:
“This is off the back of research we’ve done, including answers from many of you. You want to access crypto, but you want it done in a safe and secure manner. You will be able to trade cryptocurrencies that have been vetted by us first.”
The Australian Financial Review published a report the same day, claiming that SelfWealth will initially list 10 major cryptocurrencies on its platform, including Bitcoin and Ethereum, which will be held in an integrated third-party wallet. Similarly to how it operates with traditional equities trades, the company will look to charge a flat percentage fee for every crypto trade it conducts on behalf of its customers.
The company’s CEO, Cath Whitaker, said that once SelfWealth releases the new crypto trading feature, the platform will become the first place where Australians can not only buy and sell crypto, but also trade local and US shares through ASX’s Clearing House Electronic Subregister System (CHESS).
The Australian Securities Exchange has been looking to replace its aging CHESS system with a new distributed ledger-based alternative for years now, but has been postponing the move repeatedly. The latest delay was last year, when Reuters reported that ASX was now planning to launch the DLT-based system around 2023.