The rollout of crypto investing on its brokerage platform will commence later this year for the Australian market, followed by its global markets, with Stake now accepting expressions of interest.
Stake founder and chief executive Matt Leibowitz said the decision to add cryptocurrency to its platform is a natural step in offering customers greater access to financial opportunities.
“Crypto is taking the world by storm and has established itself as a legitimate asset class. Forward looking SMSF trustees are asking for a simple and seamless way to invest in cryptocurrencies, and it’s time for them to have that in the same place as their equities investing,” said Mr Leibowitz.
In a 2021 research study commissioned by Stake, cryptocurrency was found to be the second-most popular form of investment after stocks for Australian investors under 40.
“Younger Aussie investors are looking for access to a diversity of investment opportunities across established and modern asset classes, in one place. They want to buy into industries and ideas changing the world near and far and not be limited by borders,” said Mr Leibowitz.
The addition of crypto trading follows the launch of Stake’s CHESS-sponsored ASX offering in late 2021.
I would be interested to know whether Stake will allow customers to take custody of crypto assets purchased on their platform.
One would hope they will have protections in place to stop the 18 year old taking his grandparents life savings and staking it all on crypto – which seems to be all the rage as well?