ASX crypto is a lonely place, but these stocks have stuck with it

The ASX is a lonely space for cryptocurrency plays right now, but there are still some hanging in there.

For several months, the ASX has been hostile towards cryptocurrencies resulting in a lack of new listings and existing companies leaving or giving up on crypto altogether.

Some have joined other exchanges such as the TSX Venture Exchange (TSXV) and the National Stock Exchange (ASX:NSX)Others have even formed their own exchanges.

But cryptocurrencies like bitcoin appear to be popular among Australian investors. An Independent Reserve survey last year found more Australians owned bitcoin than hybrid cars.

But with the ASX getting tougher on crypto-linked plays, just who is left in the space?

 

ASX stocks still in crypto

Millennial-focused investing app Raiz Invest’s (ASX:RZI) offerings include an investment portfolio with exposure to bitcoin.

Raiz’s CEO George Lucas said millennials were more inclined to invest in crypto assets. The case for crypto investment more broadly will also be helped by governments printing money, according to Raiz.

Meanwhile, DigitalX (ASX:DCC) launched a crypto fund last November.

The company’s selling point was that you could invest in bitcoin as easy as most other financial assets.

Fatfish Blockchain (ASX:FFG) has a venture capital arm which includes investments in crypto mining.

Payments processing system operator Fintech Chain (ASX:FTC) makes the list too because its system handles cryptocurrency payments.

Last year it was one of the biggest gaining small caps due to the roll out of its tech in China — where cryptocurrencies and the regulation of them are grey areas.

2020 has been a far more difficult year for them with China being where COVID-19 first broke out and subject to lockdowns first.

Fintech Chain shares have fallen just over 20 per cent in 2020 as have Raiz shares. DigitalX and Fatfish Blockchain, meanwhile, have gained 30 per cent and 10 per cent respectively.

RZI, DCC, FFG & FTC share price chart

 

The post ASX crypto is a lonely place, but these stocks have stuck with it appeared first on Stockhead.

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