Increased customers, incoming crypto: Raiz

Increased customers, incoming crypto: Raiz

As the world’s businesses contract, mobile investment platform Raiz has seen an influx of customers as it prepares to launch a cryptocurrency product.

In the first three months of 2020, Raiz saw an increase of 3741 customers, despite global market volatility and macro uncertainty.It comes at the platform readies itself to release what it says is the world’s first retail fund with Bitcoin exposure.

The “Sapphire portfolio” will be the firm’s only portfolio with cryptocurrency exposure, and will have a 5% weighting towards Bitcoin.

“We’re very excited to be finalising the development of the Sapphire portfolio, a brand-new option for customers with an interest in backing innovative investments,” Raiz said in an email to customers.

“The Sapphire portfolio will allow those with an interest in cryptocurrency to invest in a portfolio with an allocation to Bitcoin.”

Raiz will trade and store Bitcoin with US-based Gemini Exchange, which it says, is “one of the safest cryptocurrency exchanges in the world”.

The firm thanked its customers for putting their trust in the platform amid the COVID-19 crisis, with its total customers and activity increasing during the March quarter.

“For this outcome we can only offer you our sincere thanks,” Raiz managing director and chief executive George Lucas said.

To read more, please click on the link below…

Source: Increased customers, incoming crypto: Raiz | Financial Standard