Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero

2 min


Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero

Speaking to Cointelegraph on Wednesday, Swyftx co- Ryan Parsons revealed that longstanding plans are to explore ways to offer 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 - investment classes, with its 1st step being the completion of its $1.5 Billion with online investing platform Superhero. 

The deal to combine the was revealed on June 8, with the merged entity set to become the 1st in to offer both and traditional finance.

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.”

“You can imagine customers trading their Bitcoin () or other for equities in listed corporations like Tesla, and vice versa.”

Parsons stated that its 1st priority will be to work with regulators and set up appropriate customer protections:

READ
NFT Artist Uses DAO to Support the Fight for Reproductive Rights in U.S.

“ 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 ’s exchange saw a banner year in 2021, growing its investor base by nearly 1,200 percent to over 600,000 retail and 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.

READ
So You Want to Be a Bitcoin Developer?

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 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.



Continue reading on Cointelegraph.com

Disclaimer: This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

READ
DOJ Indicts 6 People in 4 Crypto Scams Including Baller Ape NFT Rug-Pull   

Like it? Share with your friends!

17 shares
Share via
Share via
Send this to a friend