SelfWealth, an Australian broker, will offer bitcoin trading services for over 95,000 customers through upcoming partnerships with third parties.
According to The Australian Financial Review, SelfWealth, a major Australian online broker, is in talks with bitcoin exchanges to offer BTC trading capabilities for its platform of more than 95,000 users.
A survey by the broker recently found that over two-thirds have an interest in cryptocurrency, with half already investing in them.
According to the report, SelfWealth chief executive Cath Whitaker stated that “Australians have decided cryptocurrency is here to stay” and was looking for trusted platforms to help them make their investments decisions.
“We want to make investing as easy as possible for our customers. Moving between popular investment types requires access to multiple trading platforms, and investors must be able to move their money multiple times.
Adoption is boosted by streamlining the investment process. This reduces intermediaries and improves user experience.
SelfWealth also decided to add bitcoin trading capabilities to their platform in order to make money.
According to reports, the online broker has agreed to a flat fee for cryptocurrency trading and will share the profits with the selected exchange partner.
Whitaker noted that SelfWealth will allow investors to trade local and U.S. shares on the same platform once it adds bitcoin, ether, and other cryptocurrency trading.
According to reports, the addition will take place before the end of 2021 under an arrangement in which the broker would integrate third-party wallets into the platform to custody investors’ bitcoin.
SelfWealth isn’t providing any details about the arrangement. It doesn’t know which Bitcoin exchange it will partner with, and whether users will be able to either custody the BTC with the third-party or do it themselves.
As Bitcoin is more mainstreamed as an investment option, there are many avenues for exposure. However, they tend to treat BTC more like a financial asset than the innovative peer–to-peer digital currency it is.
+They often overlook essential features that are fundamental to Bitcoin, such as the ability to withdraw Bitcoin.
Users won’t be able to withdraw bitcoins to their wallets, so they will only enjoy the price appreciation of the most difficult money in the world.