The crypto market might be going through a downtrend but it has not dented its growing demand in different markets. After a surge in mainstream institutional platforms adding crypto custody and trading services, the retail market demand has started to catch up. One of Australias largest non-bank online brokers is all set to offer crypto buying selling and the trading option to its retail customers amid surging demand.
SelfWealth, an online broker that offers low-cost ASX and US shares for retail traders is set to enter the crypto trading market with its latest offering. The decision by the group open the gates for 95K SlefWealth investors to invest in cryptocurrencies.
The online broker said the decision to introduce crypto trading was prompted by a recent survey of 3500 of its 95k investors, where 30% of the respondents said they have already invested in cryptocurrencies while 38% intended to do the same in near future. SelfWealth sees over $80 million in daily trading with $51.5 billion in AUM.
The online broker would introduce 10 crypto assets for trading via the third-party wallet integration.
Crypto Adoption Continues
The crypto market has seen a continuous surge in Institutional demand throughout this year, but the market downtrend has led to a decline in retail interest. However, the latest crypto offering by the SelfWealth group reinforces retail interest as well. Cath Whitaker, the chief executive officer of the online broker group said their crypto trading services would allow retail customers to trade crypto in real-time.
“Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions. We are on track to deliver cryptocurrency exchange functionality by year-end,”
Australia has increasingly become pro-crypto in recent times and it might even beat the US to launch a Bitcoin ETF. Only last week the top regulators in the country have asked for citizens input on crypto-centered Exchange-traded products. While Australia follows the US and European regulators in terms of market regulations, it could carve its path when it comes to crypto regulations.