Raiz Invest, Australia’s leading micro-investing app has introduced its new investment portfolio which offers investors exposure to Bitcoin.
Earlier this year the Australian Securities and Investment Commission (ASIC), had approved the country’s first Bitcoin fund aimed at retail investors. Raiz Invest, had been granted regulatory approval by ASIC to provide its users with Bitcoin fund options. Raiz offers micro-investment services, where users can invest spare change left over from everyday purchases in exchange-traded funds that are quoted on the Australian Securities Exchange (ASX).
The portfolio offering Bitcoin is called Sapphire and is Raiz Invest‘s seventh investment portfolio. Apart from 5% dedicated to Bitcoin, the remaining 95% of the portfolio will be comprised of US, Australian, European, and Asian large-cap stocks, as well as the Australian corporate debt and money markets, all via exchange-traded funds (ETFs).
Overall it is great to see Australia take a leading role in facilitating the mass adoption of cryptocurrency by allowing everyday citizens to gain exposure to the asset class. This is significant and could help influence other nations to soon follow suit.