Crypto hype drives new partnership

An SMSF administrator is teaming up with a cryptocurrency brokerage firm to help investors achieve greater portfolio diversification.

A new partnership between Xpress Super and Bitcoin Trader will provide SMSF investors with access to five of the top cryptocurrencies in the market: bitcoin, ethereum, bitcoin cash, DASH and ripple.

Xpress Super chief executive Olivia Long said the new partnership is in response to growing investor demand for digital currencies, saying the administrator has been inundated with inquiries from trustees.

“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.

“One of the most difficult aspects of accounting for crypto-currency in an SMSF portfolio is meeting the audit requirements.”

She added that Bitcoin Trader provides SMSF accountants with a comprehensive package for year-end compliance to meet audit requirements.

Bitcoin Trader chief executive Nathan van den Bosch said he is excited about the partnership.

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Source: Crypto hype drives new partnership | Financial Standard