Crypto Stock Trading Pairs In The Charts As Swyftx Signs $1.5 Billion Merger With Superhero
Australian crypto exchange Swyftx eventually wants to offer seamless trading between traditional and crypto asset classes, with its first step being to complete its $1.5 billion merger deal with online investment platform Superhero .
The deal to combine the two was revealed on June 8, with the merged entity set to become the first in Australia to offer both decentralized and traditional finance.
We partner with a stock trading platform and another Australian fintech @superheroausto give you the opportunity 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 his longer-term goals is to explore “greater interoperability across asset classes.”
“You can imagine customers exchanging their Bitcoin or other digital assets for shares of listed companies like Tesla, and vice versa.”
Parsons said his first priority will be to work with regulators and put in place appropriate protections for customers:
“But it is important to be clear that we are working through all regulatory requirements in what is already a rapidly changing regulatory landscape. We are extremely keen to ensure that everything we do is done correctly with appropriate customer protections in place.
Related: Australian Consumer Group Calls for Better Crypto Regulations Due to ‘Late Laws’
While news of the merger seemed to arrive without any prior warning, Parsons said it was “not surprising” that a number of stock trading platforms had sought to offer crypto trading and vice versa. , and that talks with Superhero about a merger had been going on for several months before:
“The two teams have been actively discussing for a few months, with the merger following initial discussions about the potential for a crypto equity partnership opportunity. It just made more sense to join forces than to be partners.
Co-founded by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian crypto exchange, offering 320 digital currencies and interest-earning crypto products. The company’s stock exchange had a banner year in 2021, growing its investor base by nearly 1,200% to more than 600,000 retail and corporate investors.
Superhero, an online broker, was founded the same year but only launched at the end of 2020. Over the past 12 months, the company has grown its investor base by more than 600% to more than 200,000 investors, allowing them to negotiate Australian and American transactions. stocks, as well as manage their Superhero superannuation (Australian version of 401K) a product launched in July 2021.
In a June 8 statement, Swyftx said the completed merger would create a combined customer base of 800,000 when completed around mid-2023.
The combined platform will allow clients to trade and invest in cryptocurrencies, stocks and pensions. Later, Parisons said the company wanted to expand its product offerings, which could include banking-like services or other traditional financial products and services.
Following the merger, Swyftx co-founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the combined entity. John Winters will lead the traditional financial services arm and serve on the board.
Winters told the Sydney Morning Herald on Tuesday evening that it was possible to list the combined entity on the Australian Stock Exchange once the merger is complete, but said there would be “a lot of work to do before we get to that.” this stage”. .”
Winters said that, for now, the two platforms will continue to operate independently of each other and that no job losses are expected as part of the merger.