SMSF administrator Xpress Super has formed an alliance with cryptocurrency brokerage Bitcoin Trader to allow it to offer SMSFs investment options in five cryptocurrencies.
Xpress Super chief executive Olivia Long said the move was a bid to meet the growing level of investor demand for cryptocurrencies, with more trustees wanting to “jump on board the cryptocurrency bandwagon”.
“Our role as SMSF compliance specialists isn’t to give advice to self-directed investors on whether this is the right investment option for their fund, but to ensure they are compliant if they do invest,” Long said.
She said one of the most difficult aspects of accounting for cryptocurrency in an SMSF portfolio was meeting the audit requirements.
“We’ve overcome that problem by partnering with a cryptocurrency provider that specialises in SMSF services and offers easy access to trade,” she said.
Xpress Super said it was offering five top-tier cryptocurrencies: bitcoin, ethereum, bitcoin cash, dash and ripple.
Xpress Super recently partnered with Guardian Gold/Guardian Vaults to provide trading and storage facilities for precious metals, also in demand by self-directed investors.