Aussies hit a new milestone: $50 million in crypto transaction fees
With one-in-four Australians now holding some form of cryptocurrency, collective crypto transaction fees have now exceeded $50 million.
This number comes from Finder.com, and is based on a transaction fee calculation of 0.6 per cent. The total invested in crypto has accelerated rapidly locally, with the majority of Aussies that own digital assets having purchased them in the past two years.
Fees will be a battleground in the years ahead. Australian investors tend to view crypto as a speculative investment. This means that they are looking to trade and respond to market movements quickly. With enough trades, even the lowest fees will add up.
There are signs that the fees currently placed on crypto trades will come under pressure, however. The Commonwealth Bank of Australia has announced it will soon facilitate the buying and selling of crypto through its app. Undoubtedly CBA, and other mainstream market banks, will challenge the incumbents on the fees charged, though for now, CBA hasn’t announced its pricing strategy.
Late last year, Australian cryptocurrency exchange, Independent Reserve formally claimed that crypto had hit the mainstream. This claim was based on the awareness of crypto almost reaching 100 per cent. So, not only are Australians aware of crypto, but they are rapidly embracing it.