update 18 August 2021

RAIZ Prepares to Introduce BTC Fund Options

A January 20th report of the Australian Financial Review stated that the RAIZ startup is ready to offer bitcoin fund options. The startup Raiz has followed every legal procedure set by Australia’s financial monitoring agency, otherwise dubbed Australia’s Securities and Investment Commission.

The Raiz network has over three hundred thousand registered users who maximize its micro-investment services, with over 445 AUD from funds for about 211 thousand customers. This millions worth fintech is probably the biggest in the country and thus one of the best platforms to offer the BTC services. 

For quite some time, the fund has been trying to introduce bitcoin services with futility. In taking advantage of the certification, Raiz will be taking on its first implementation in the first half of this year.  

The Raiz startup will profit from the user’s investment purchases and other investment products, and now, Bitcoin will be in that pool. 5% of the BTC retail fund will be direct exposure, while the larger portion will be ETFs. 

In the past, the regulating authorities have shown cautiousness when dealing with cryptos, even going to the extent of publishing guidelines for exchanges, miners, and ICO projects. Additionally, they set policies for every business to comply with, including KYC and AML regulations. 

Moreover, it’s been hard to convince some officials in the government about digital currencies. Some other studies show that it’s doubtful for crypto assets to take over the Australian Dollar citing usability and scalability issues. 

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Earlier, around two months ago, Australia’s minister of home affairs set warnings about the use of cryptocurrencies in illegal activities like money laundering and terrorism.