Cryptocurrency, Technology

Stake to add cryptocurrency capability

cryptocurrency Stake

The ability to access cryptocurrencies is an additional service digital broking service Stake will be making available for its SMSF clients in 2022.

Digital broking service Stake is set to add a cryptocurrency facility to its trading platform specifically aimed to cater for its SMSF clients and the younger generation of investors.

“The decision to take on cryptocurrency was a natural step in offering our customers greater access to financial opportunities. Crypto is taking the world by storm and has established itself as a legitimate asset class,” Stake founder and chief executive Matt Leibowitz said.

“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.”

The development comes after Stake conducted research last year that indicated cryptocurrency was the second most popular asset class behind shares among Australian investors under the age of 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,” Leibowitz noted.

According to Stake crypto product manager Jeroen Van Amerongen, the move represents more than just the addition of a different asset class to the organisation’s investing platform.

“It’s about building a wealth management experience for the next generation. 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 noted.

The cryptocurrency trading service is expected to be rolled out later this year and will be followed by a global markets facility.

The announcement comes after the company launched Stake Super in 2021, providing SMSF trustees with the opportunity to invest in global equities in a cost-effective manner coupled with an administration service offering fund establishment, compliance, audit and tax documentation capabilities for clients.

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