Australian Regulator Gives Green Light to App-Based Retail Bitcoin Fund

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Australian Regulator Gives Green Light to App-Based Retail Bitcoin Fund

The first such fund within the country, the bitcoin offering is being launched by micro-investment app provider Raiz Invest Australia, reports The Australian Financial Review.

The Raiz app allows users to take a position the tiny change left over from everyday purchases in exchange-traded funds quoted on the Australian Securities Exchange (ASX). Once live (expected sometime in H1 2020), the bitcoin option will still see the majority of user funds attend ETFs, but 5 percent are going to be allocated to the cryptocurrency, consistent with the report.

Raiz was granted relief to work the fund from the Australian Securities and Investments Commission, which also has oversight over the crypto industry within the country.

The Raiz app is claimed to possess had over 600,000 users and revenue of over A$3 million (US$2.06 million) in 2019, consistent with Wikipedia.

ASX-listed DigitalX also offers a bitcoin fund in Australia, however, that's aimed toward professional investors. The firm seeded the fund with half its bitcoin holdings, DigitalX announced at the launch in November 2019.