Australian Cryptocurrency Exchange Swyftx has taken over the largest digital asset platform in New Zealand, Easy Crypto, in a deal that consolidates its position as one of the largest players on the Australia-New Zealand market.
The acquisition brings the total customer base from Swyftx to 1.1 million, as a result of which Easy Cryptos 350,000 customers are added to its existing footprint. Financial conditions of the deal were not disclosed.
Easy Crypto, founded in 2018, has processed more than NZ $ 3.5 billion ($ 2.1 billion) in sales and offers a non-complainant trading platform in addition to a New Zealand dollar Stablecoin (NZDD) and self-coasts portfolio vessels.
Jason Titman, CEO of Swyftx, said that the deal would support the regional expansion of the company and enable it to scale in new products and markets.
“Our growth plans include a mix of organic and inorganic opportunities, he said Decrypt. “Although we believe that it is important to locate operations towards any geography or product range, there is no plan to exploit a house of brands.”
The plan is to bring both companies closer together for the next 18 months, Titman said, because Swyftx wants to strengthen the relationship with Easy Cryptos users and his team.
He added that improving the clarity of regulations and changing policy rhetoric about cryptocurrencies, including recent reports from the US presidential candidate Donald Trump, were in the rugwind for the sector’s recovery and deal activity.
The company established in Brisbane has been expanded rapidly since the launch in 2018 and has dealt with billions of dollars in three -month trade volumes.
The acquisition marks one of the greatest mergers on the ANZ -Crypto market in recent years, after a delay in M&A in the industry in the midst of regulatory uncertainty and market volatility.
Simple CEO and co-founder Janine Grainger van Crypto said that the acquisition was in line with the vision of the company to broaden access to digital assets.
“I am impressed by the growth and approach of Swyftx at the ANZ markets, and our shared focus on customer experience, safety and financial freedom made this partnership a natural fit,” she said.
Both companies will continue to work as separate platforms in the short term before integrating services under the Swyftx brand. The combined company will have just under 200 employees.
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