Raiz Invest (ASX: RZI), Australia’s largest and mobile-first financial services platform has recently added Bitcoin as its new investment portfolio, enabling investors to access the world’s largest cryptocurrency.

With almost 2,15,000 monthly active users, the Sydney-based Raiz will allocate 5% to Bitcoin-based investment whereas 95 % of the portfolio will still be under stocks, ETFs, and Australian corporate debt and money markets. This is Raiz’s seventh investment portfolio and is called “Sapphire”. As per the report, they have been working on this for the last 18 months, following the growing interest for Bitcoin and Digital currency among Australians.

Although, George Lucas, Raiz CEO says Saphhire comprise of high-risk groups, yet, they rolled it to based on customer’s growing interested and feedback. 

“Although this latest portfolio offering from Raiz is a very high risk, feedback from many customers has clearly shown that they have an appetite for an investment strategy that has exposure to cryptocurrencies, and the Sapphire portfolio has been designed with this in mind”, says George Lucas. 

Moreover, the platform will use Gemini’s trading and custodial services to trade and store bitcoins. Tyler and Cameron Winklevoss's Gemini exchange is regulated by the New York State Department of Financial Services.

 

Despite coronavirus' crises hit most of the business including that it triggers layoffs, pay cuts, and hiring freeze, Raiz has taken a big step to boost the adoption of virtual assets in the Australian market. That being said, Raiz’s almost investors are Millennials who are looking at the Sapphire portfolio as an investment choice for the long term.