Crypto exchange Swyftx and Superhero announce merger
Brisbane-based crypto exchange Swyftx and share trading/superannuation platform Superhero announced a merger on Tuesday. This will be the first formal merger of its kind in Australia between a traditional financial services provider and a cryptocurrency exchange.
In announcing the news, Swyftx co-founder, Alex Harper, said “the proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets.”
There is undoubtedly a race underway amongst Australian tradfi firms, hoping to be the first to make crypto mainstream. The Superhero-Swyftx deal is likely to push the newly merged entity strides ahead of the rest of the pack.
In an announcement on its Website Swyftx shed some light on what this newly formed entity will mean in the long run for Superhero and Swyftx customers.
“Swyftx & Superhero have a shared vision to provide accessible financial opportunities. Together, we want to empower everyone to easily invest, grow and manage their wealth,” the statement read.
“Once complete, this merger will give our customers access to:
- One login across both platforms.
- One customer support team.
- One platform that tracks and manages crypto, equities and superannuation.”
With CBA putting pause on its plans for a retail crypto trading app last month, the Superhero-Swyft union is an exciting step forward for the industry and will hopefully lead to Australian retail customers embracing crypto faster.