An SMSF administrator is being “inundated” with bitcoin and other cryptocurrency inquires and has now decided to offer services to meet this demand.
Xpress Super announced that it would be offering investment options in five currencies – Bitcoin, Bitcoin Cash, Ethereum, DASH and Ripple – following a partnership with cryptocurrency brokerage Bitcoin Trader.
“We are being inundated with inquiries from SMSF trustees wanting to jump on board the cryptocurrency bandwagon,” said Xpress Super CEO Olivia Long.
“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.”
SMSFs, due to their regulatory requirements, face some issues investing in cryptocurrencies.
“One of the most difficult aspects of accounting for cryptocurrency in an SMSF portfolio is meeting the audit requirements,” Ms Long said.
“We’ve overcome that problem by partnering with a cryptocurrency provider that specialises in SMSF services, and offers easy access to trade.”
“Just as importantly, Bitcoin Trader provides SMSF accountants with a comprehensive package for year-end compliance to meet the rigorous audit requirements.”
Bitcoin Trader CEO Nathan van den Bosch said he was very excited about partnering with Xpress Super.
“Xpress Super is an innovative company, making them a leader in their field,” he said.
“We’re dealing with industry experts who have a great deal of experience, and who care about their customers.”
Xpress Super also recently partnered with Guardian Vaults to provide trading and storage for previous metals, apparently another investment in demand with SMSFs.
Ms Long said this could provide increased security for SMSFs buying cryptocurrencies, which have a history of being hacked.
“Its services provide physical asset protection of precious metals, diamonds, and cold wallet storage for cryptocurrency,” she said.
“Clients can transfer their cryptocurrency investment to an offline, ‘cold wallet’ device, such as a Ledger Blue, which can then be stored in a fully-secure, safe deposit box.”
“Cold wallet storage allows investors to have peace of mind about the digital security of their cryptocurrency investments, by keeping them completely offline and under their personal control.”
“Our role as a low-cost SMSF administrator is to provide the tools that allow self-directed investors the confidence to know they are trading in these investments in a secure and compliant manner.”
“This is what Xpress offers as one of the expert providers in this field.”