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.
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.
In 2018, more than 6 million Australian dollars were lost to several crypto scams in the country.