Speaking to Cointelegraph on Wednesday, Swyftx co-ceo Ryan Parsons revealed that its longstanding plans are to explore ways to offer trading in the middle of traditional and cryptocurrency investment classes.
Australian cryptocurrency exchange Swyftx wants to eventually offer seamless trading in the middle of traditional and crypto- investment classes, with its 1st step being the completion of its $1.5 Billion merger deal with online investing platform Superhero.
We’re teaming up with equities trading platform & fellow Aussie fintech @superheroaus, to give you the chance to invest in digital and traditional assets – all in one place!
— Swyftx (@SwyftxAU) June 7, 2022
Speaking to Cointelegraph on Wednesday, Swyftx co-CEO Ryan Parsons revealed that one of its longer-term goals is to explore “greater interoperability in the middle of investment classes.”
Parsons stated that its 1st priority will be to work with regulators and set up appropriate customer protections:
“ On the other hand, it’s important to be clear that we’re working through all the regulatory requirements in what is indeed a quickly evolving regulatory landscape. We’re extremely keen to secure that whatever we do, is done properly with appropriate customer protections in place.”
While the merger news appeared to come without any prior warning, Parsons stated it was “no surprise” that a number of equity platforms of trading have been looking to offer cryptocurrency trading and vice versa, and that discussions with Superhero about a merger had been underway for a few months prior:
“The two teams have been actively talking for several months, with the merger following out of initial discussions around the potential for a crypto-equities partnership opportunity. It just made more sense to join forces than to be partners.”
Co- established by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian cryptocurrency exchange, offering 320 digital currencies and cryptocurrency interest-earning products. The company’s exchange saw a banner year in 2021, growing its investor base by nearly 1,200 percent to over 600,000 retail and corporate investors.
Superhero, an online broker, was established in the same year, but launched only in late 2020. Over the last 12 months, the company has grown its investor base by greater than 600 percent to over 200,000 investors, allowing them to trade Australian and United States stocks, likewise as manage their Superhero superannuation (Australia’s version of 401K) a product launched in July 2021.
In a statement on June 8, Swyftx stated the completed merger would create a combined customer base of 800,000 when it’s completed around mid-2023.
The combined platform will allow customers to trade and invest across digital currencies, equities and superannuation. Later, Parisons stated the company wants to build out its product offerings, which could include banking-type services or other traditional finance products and services.
After the merger, Swyftx co-founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the combined entity. John Winters will head up the traditional financial services arm and take a position on the board of directors.
Winters reported the Sydney Morning Herald on Tuesday evening that there was a possibility of listing the combined entity on the Australian stock exchange once the merger is tied off, but stated there would be “ several work to be done before we get to that stage.”
Winters stated that, for the time being, the two platforms will continue to operate independently of each other, and no job losses are expected as part of the merger.
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