SelfWealth, an Australian-owned and operated online broker, will add the ability to buy and sell cryptocurrencies to the platform. The company said in a press release, it will be the first in Australia to provide the ability to trade stocks and cryptocurrencies in one place.
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Currently, SelfWealth is in talks with cryptocurrency exchanges to implement this initiative. The company serves 95,000+ clients, the total value of securities held at SelfWealth is approximately US$4.4 billion.
The broker plans to list 10 cryptocurrencies by the end of the year, including bitcoin (EXANTE: Bitcoin) and ether (ETH). The cryptocurrencies will be stored in the partner's wallet integrated with the platform. The amount of fees for transactions has not yet been disclosed.
Meanwhile, the Australian Securities and Investments Commission (ASIC) will consulate the cryptocurrency market participants on crypto-focused based exchange traded products (ETPs). The watchdog reportedly wants to establish good practice in respect of pricing, custody, risk management, and disclosure of cryptocurrencies.
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