Australia’s small and medium-sized businesses invest in cryptocurrencies

According to the Swyftx cryptocurrency exchange, more and more Australian small and medium-sized businesses, even accounting firms, are investing in cryptocurrencies. These companies are capitalizing on the popularity of the cryptocurrency wave, especially after investments by leading companies like Tesla and MicroStrategy.

Australias small and medium sized businesses invest in cryptocurrencies
Australian SMEs invest in cryptocurrencies điện

Australian SMEs invest in cryptocurrencies điện

Last year, Swyft’x’s customer base grew from around 15,000 users to around 320,000 today.

New customers include individuals and trusts and foundations representatives, self-governing retirees, but many others come from small and medium-sized businesses, according to Australian Exchange Director of Strategic Partnerships, Tommy Honan, to local news site Stockhead. Among individuals, approximately 5% to 6% are high net worth accounts with assets in excess of A $ 250,000 ($ 187,000).

“We have accounting firms. We have construction companies. We have real estate development companies. We’ve seen a pretty sharp surge in these types of accounts, “Honan was quoted as saying.

He didn’t provide specific numbers, just said that high net worth individuals don’t buy cryptocurrencies that are outside of the top 100 list.

Either way, Australians could get more alternatives to invest in cryptocurrencies in the near future.

The Australian Stock Exchange (ASX) is also reviewing a number of crypto-based exchange-traded funds (ETF) applications that could hit the market later this year, Business Insider Australia reported in May, citing “multiple industry sources.”

“You can see how this has become mainstream at the institutional level in developed markets like the US, Canada, Europe and the UK. You can’t ignore that. And we can’t ignore it either, “ASX CEO Max Cunningham is quoted as saying.

The ETF will allow everyday investors to own cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) as part of their daily stock portfolio, while Australian bond funds will allow you to invest in this asset class too.

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