Thousands of self-managed super funds are now investing in cryptocurrencies
Cryptocurrencies have caught the eye of Australian self-managed super funds (SMSFs), according to staff from domestic crypto exchanges. So along with traditional holdings such as residential property or blue chip shares, a small portion of SMSF investors are looking for something a little more high-risk. Adrian Przelozny, CEO at crypto exchange Independent Reserve, told Business Insider there’s been “significant activity in the space” from SMSFs. He said the number of SMSF customers who are registered with the exchange now number “around six or seven thousand“. That’s still a relatively small percentage of the more than 590,000 SMSFs in Australia, which hold combined assets of almost $700 billion. But it’s a […]
Half of millennials say cryptocurrency will soon be widely used
Millennials are keen on bitcoin and cryptocurrency in general, according to a recent YouGov survey. 44% of millennials (just under half) say they think it will be “somewhat” or “very” widely accepted in the next 10 years. The survey also found that bitcoin enjoys fairly incredible brand recognition, with 74% of men and 68% of women respondents saying they’d heard of it. Nothing else came close, with only 19% of men and 6% of women saying they’d heard of Ethereum, making it the second most widely-known cryptocurrency. Curiously, 79% of respondents said that they were familiar with at least one type of cryptocurrency, suggesting that there’s a reasonable number of […]
First Growth Funds secures $15m from HCASH
First Growth Funds Limited (ASX:FGF) will assist blockchain group HCash, investing up to $15m in some of the most innovative companies on the ASX. HCash possesses its own unique blockchain tech similar to Bitcoin and Ethereum, possessing a market cap of $150m. Subject to regulatory approval, HCash will invest $15m of HCash digital currency in ASX listed companies Under the terms of the placement there is no dilution or direct investment in FGF, instead the company will act as a broker and receive 6% or up to $900k in fees for facilitating the investments (FGF may also invest its own capital). On 17 July 2018, FGF successfully facilitated the investment […]
Crypto growth nears ‘ceiling’, Ethereum co-founder says
The days of explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence, according to Vitalik Buterin, co-founder of Ethereum. “The blockchain space is getting to the point where there’s a ceiling in sight,” Mr Buterin said in a September 8 interview with Bloomberg at the Ethereum Industry Summit conference in Hong Kong. “If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1000-times growth in anything in the space anymore.” Growth in Bitcoin and other cryptocurrencies in the blockchain community through its […]
A mystery $1 billion Bitcoin Whale is active – What could it mean to prices?
A mystery bitcoin whale wallet holding nearly $1 billion worth of bitcoin is suddenly active after lying dormant for more than four years, according to a recent post on Reddit. Does this mean the whale is intending to dump a huge amount of BTC in the market? If you trade crypto you will hear the term “whale” and as the name suggests it is used to describe huge cryptocurrency holders. Bitcoin wallets holding around $1 billion are usually referred to as whales. With the recent activity many investors are questioning whether a dump is on its way. Some of the transactions are being traced back to a wallet address that […]
Singapore crypto exchange KuCoin set to expand after $3m Bitcoin Australia deal
One of the world’s largest cryptocurrency exchanges, KuCoin, has invested in local exchange Bitcoin Australia and formed a new joint venture which will see the Singaporean exchange expand locally. The company has invested almost $3 million into Bitcoin Australia, which intends to use the funding to embark on its own aggressive international expansion, as well as to help KuCoin enter the local market. It has previously raised capital from Dominet Venture Partners. Bitcoin Australia chief executive Rupert Hackett told The Australian Financial Review the businesses had clear synergies, with KuCoin targeting sophisticated investors, while Bitcoin Australia aimed to make cryptocurrency trading possible for the mass market. Despite Bitcoin and other […]
New partnership sets out to educate the SMSF community in cryptocurrency investments
Cointree one of Australia’s leading cryptocurrency exchanges has partnered up with My SMSF, a specialist provider for property and niche assets. The partnership aims to deliver clarity for people wanting to invest their super in cryptocurrencies. Cointree is one of Australia’s fastest growing digital currency exchanges with now over 60,000 members. Through their community, affiliates and partners, Cointree continues to see a growing interest in investment opportunities in cryptocurrency using a members Self Managed Super Fund (SMSF). “Since our announcement of entering the SMSF space, we have gained a lot of interest from our members and the general public wanting to invest into cryptocurrency using their super,” says Shane Stevenson, […]
What’s the difference between a private and public blockchain?
Blockchain has potential applications in many industries, from accounting to agriculture. It’s essentially a distributed ledger, which records transactions between every user in the chain. There are different types of blockchain: some are open and public and some are private and only accessible to people who are given permission to use them. A public blockchain is an open network. Anyone can download the protocol and read, write or participate in the network. A public blockchain is distributed and decentralised. Transactions are recorded as blocks and linked together to form a chain. Each new block must be timestamped and validated by all the computers connected to the network, known as nodes, […]
