Digital broker Stake is joining competitors such as Superhero and the Commonwealth Bank to offer cryptocurrency investing on its platform.
The move to embrace crypto follows research commissioned by the platform last year that revealed crypto was second only to stocks in the portfolio for Australian investors under 40.
Last November, CBA announced plans to partner with crypto exchange Gemini – founded by the Winklevoss twins of Facebook fame – and blockchain analysis firm, Chainalysis to design a crypto exchange and custody service as a new feature in the CommBank app.
Stake founder and CEO Matt Leibowitz said it was “a natural step” for the platform to offer crypto trading.
“Crypto is taking the world by storm and has established itself as a legitimate asset class. Investors are demanding it and brokers who are dragging their feet will fall behind,” he said.
“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.”
Stake has signed up 100,000 ASX customers in the five months since it launched locally last September, adding to its 450,000 global customer base built since 2017. The platform now has US$1.5 billion in funds under administration.
Stake crypto product manager Jeroen Van Amerongen said their customers are rapidly adopting new forms of investments.
“This isn’t just about adding a few coins to your platform. It’s about building a wealth management experience for the next generation,” he said
“We’ve demonstrated that sophistication doesn’t have to be complex with our US and ASX platform and now it’s time to break the same barriers to crypto.”
Van Amerongen said the roll out of crypto will commence later this year in Australia, followed by Stake’s global markets.
An estimated 100 cryptocurrencies will feature on the platform when it goes live in the final quarter of 2022.
Stake offers low cost CHESS-sponsored trades for ASX securities and free trades on US equities.