New crypto platform targets self-managed super funds

One of the world’s leading crypto exchanges has rolled out a platform for savers who want to invest their retirement assets in the volatile world of cryptocurrency.

Seychelles-based OKX on Monday launched its platform for Australian self-managed superannuation funds to invest in crypto, joining similar offerings by domestic crypto exchanges Coinspot, Swyftx and the Independent Reserve.

OKX said its platform including a dashboard for transaction and portfolio monitoring, exportable end-of-financial year reports and AUSTRAC-registered digital current exchange services across major assets such as Bitcoin and Ethereum.

OKX is also providing platform onboarding and local customer support for SMSF trustees, delivered by a dedicated Australian team.

OKX said that statistics showed that digital assets were Australia’s fastest-growing superannuation segment, rising more than eightfold in the five years to March.

“The stats show a significant increase in digital asset allocations, which is why OKX has decided to launch an SMSF platform with infrastructure and reporting tools that trustees can use,” said OKX Australia CEO Kate Cooper.

Originally an underground asset class associated with darknet markets, cryptocurrencies have been gaining increasing mainstream acceptance in recent years.

AMP in 2024 became Australia’s first superannuation fund to invest in Bitcoin, with a modest $27 million allocation.

BlackRock, the world’s largest asset manager with more than $17 trillion in assets under management, recommended in December that interested investors allocate as much as two per cent of their portfolio into Bitcoin, the world’s largest cryptocurrency.

“We see a case for investors with suitable governance and risk tolerance to include Bitcoin in a multi-asset portfolio,” the fund manager said.

Derek Rose
(Australian Associated Press)