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SelfWealth, an Australian trading website, will now provide crypto trading to its 325K users

Caroline Bowler, CEO of BTC Markets, stated that the relationship with SelfWealth underlined the legitimacy of wide-scale crypto acceptance.

After establishing a cooperation with local crypto exchange BTC Markets, publicly traded business SelfWealth (ASX: SWF) has purportedly become the first Australian online share trading platform to provide cryptocurrency investing.

BTC Markets CEO Caroline Bowler claimed in an investors will be able to trade five key crypto assets starting in Q2 2022, pending permission from Australian financial regulator AUSTRAC.

SelfWealth and BTC Markets were unable to say on which crypto assets will be available for purchase until regulators gave their approval, but market leaders like Bitcoin (BTC) and Ethereum (ETH) are likely to be among them.

Selfwealth, Australia’s fourth-largest online brokerage platform, revealed its foray into cryptocurrencies in July of last year, when the $8-billion-dollar firm released a research revealing that 30% of its members had already invested in bitcoin, with another 38% planning to do so in the future.

When asked if current concerns about “crypto winter” would dampen the enthusiasm of retail crypto buyers on the platform, Bowler confidently responded that “anyone who’s been around for the long haul knows that crypto is volatile,” and that looking at the crypto markets through the lens of a few months is impractical.

Bowler used her own experience to calm any worries that might have arisen, saying:

“I’ve gone through a crypto winter before, and I don’t believe we’re in one right now… What we’re witnessing right now is more of a fair reaction to market conditions than a full-fledged crypto-winter.”

Bowler remarked that rather than being concerned about the projected volatility of crypto markets, what she found most impressive from a trading perspective was “the wall of interest on the purchase side… No one wants to sell in the broader market.”

Bowler believes that the collaboration between SelfWealth and BTC Market adds to the legitimacy of cryptocurrency adoption on a large scale.

While many major corporations still regard cryptocurrency as a “risky” asset, SelfWealth, which has a customer base that includes self-managed super funds (SMSFs) and more traditional investors, wants to set itself apart by dispelling that myth.

Bowler didn’t hold back in stressing the magnitude of the opportunity that SelfWealth and BTC Markets were pursuing. “I believe [crypto] will be a pillar of Australia’s financial services business in the next 3-5 years,” she continued. Financial services account for 8% of Australia’s overall economic output, and it’s realistic to expect that cryptocurrency will contribute 10-15% of that.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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