Raiz, a micro-investment firm, has received approval from Australian financial authorities to offer Bitcoin fund options to its many customers. Based in Sydney, the company is now fully authorized for Bitcoin fund services and is making plans to officially launch the offering.
Raiz currently has over 300,000 accounts it handles and was looking for a way to provide more services to its customers. It had been jumping through hoops to finalize the new product and the final step was the relief it has now received from the Australian Securities and Investment Commission (ASIC). The company will fully launch the new Bitcoin fund sometime before the end of the second quarter of 2020.
Back in December, the Australian Securities Exchange (ASX) announced that Raiz has 211,657 active users with funds under management (FUM) totalling AU$445 million, roughly 306 million USD.
The company was founded back in 2015 as a micro-investment service which basically collects all of its customers’ spare change and helps these users pump the money into several investments.
The new Bitcoin fund, however, has some limitations. Interested participants, when it finally launches, are allowed to channel only 5% of their entire investment funds, into Bitcoin. The others will mostly be used for exchange-traded funds (ETF).
In 2018, more than 6 million Australian dollars were lost to several crypto scams in the country.
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