By Shelly Melancon (Switzerland)
Popular Australian trading platform, SelfWealth, has revealed that it will soon enable trading on digital assets to its platform in response to the interest of most of its users. The news was first announced by the Australian financial review when SelfWealth released its quarterly report recently.
Selfwealth Plans To Allow Crypto Trading By Year End
The trading platform also announced that before the end of this year, traders should have the opportunity to trade at least ten popular digital currencies. SelfWealth plans to store assets with a third-party network, while the exchange that will implement its crypto trading features isn’t decided yet. There are still discussions with some exchanges, but there is nothing concrete yet.
SelfWealth intends to generate revenue for itself and partner exchange through trading fees. However, the revenue sharing formula hasn’t been revealed yet. The platform’s CEO, Cath Whitaker, opined that virtual asset trading could only keep rising in popularity in the Australian trading market.
Hence, traders require a trusted exchange where they can trade the financial market. Whitaker added that “it is obvious that cryptocurrency has become and will remain a part of our everyday life. Hence, Aussie traders seek platforms that can help them achieve their trading objectives. Our goal is to ensure that our users can invest with confidence. Before our platform, users usually need to sign up on several trading platforms to invest in major assets, and that often requires moving their money around many times.”
Once the process is completed, SelfWealth is the first platform that offers crypto trading, local share trading, and U.S. shares trading in one platform. After polling about 3,000 users, the platform realized that 39% of them intend to start investing in cryptocurrency, while 31% of them have already invested.
The Virtual Asset Market Keeps Expanding
In the last year, there have been several incidents between traditional financial institutions and the ever-growing virtual assets space. Even though some enthusiasts might have been worried about recent happenings in the industry, especially the regulatory clampdowns, the consequences haven’t been that bad.
Some opined that the greater the regulatory pressure on this space, the more legitimate this asset class becomes. Even those who may not even have an interest before now will become more interested. Instead of a decline, there has even been a rise in the number of crypto exchange-traded funds (ETFs), and more trading platforms are adding crypto assets to their platforms.
All these factors indicate that the crypto market adoption is growing bigger by the day. Various metrics also suggest that the number of retail and expert traders in the industry has risen significantly since the beginning of this year. One primary reason is the increase in bitcoin value and its greater acceptance by more world economies.
It is a fact that digital currencies haven’t matured entirely yet. There are still untapped use cases in various aspects of the industry. For example, non-fungible tokens (NFTs) and decentralized finance (DeFi) are still at an early stage of development despite what has been achieved so far.
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