SMSF technology and administration provider BGL, in collaboration with Cointree, a cryptocurrency exchange, has announced the release of NBOC, an industry-first solution providing daily price feeds for cryptocurrency.
“This is an industry-first solution, and we are extremely proud to have developed NBOC together with our long-term friends and partners at Cointree,” BGL managing director Ron Lesh said.
“Unlike stocks on the ASX that cease trading every afternoon and have a single price, cryptocurrencies are traded 24/7 across multiple exchanges and in multiple countries.
“This makes accurate valuation challenging. So, BGL and Cointree developed NBOC to solve this problem for our clients with the goal of making cryptocurrency valuations reliable and more accessible for everyone.”
Cointree’s chief executive Shane Stevenson said there had been a significant increase in SMSFs and trusts investing in cryptocurrency over the last five years.
“There is an increasing need to value cryptocurrency trades accurately and with confidence. The BGL team has been fantastic to work with and we are all very excited to deliver an industry-first solution to SMSFs,” he said.
Cryptocurrencies are a growing asset class in BGL’s Simple Fund 360 and Simple Invest 360, which now administers hundreds of millions in cryptocurrencies, according to BGL.
NBOC’s exclusive daily automated data feed will provide Simple Fund 360 and Simple Invest 360 clients with up-to-date prices for cryptocurrency for SMSFs, companies, trusts and individuals, according to BGL. The cryptocurrency valuation is used for calculating values for financial reports and member balances at 30 June.
NBOC aggregates the public pricing data from five of Australia’s largest and longest-running crypto exchanges: Cointree, BTC Markets, CoinSpot, CoinJar and Independent Reserve. Combining this data provides a “fair and reasonable” valuation. As each exchange may have differing prices, NBOC will generate valuation taking into account these differing prices.
“The BGL ecosystem has 350+ partners and we are thrilled to add Cointree NBOC to the list,” Mr Lesh added.
Well done Ron.