Swyftx, an Australian cryptocurrency exchange, has purchased Easy Crypto, New Zealand’s biggest digital asset platform. This deal consolidates Swyftx as one of Australia and New Zealand’s leading players.
Swyftx now has a total of 1.1 millions customers. Easy Crypto, with its 350,000 users, will be added to this number. No financial details were disclosed.
Easy Crypto was founded in 2018. Since then, it has handled more than NZ$3.5 Billion in sales. It offers non-custodial trade platforms along with a New Zealand Dollar stablecoin NZDD and self-custodial Wallet services.
Swyftx CEO Jason Titman claimed that the acquisition would help the firm expand regionally and enable it to enter new markets.
Our growth plans include both organic and non-organic options, said he. Decrypt. "While we believe it is important to localize operations to each geography or product offering, there’s no plan to operate a house of brands."
Titman stated that Swyftx is looking to improve its relationship with Easy Crypto and its users over the next year.
He also said that the improvement in regulatory clarity, and changing policy rhetoric surrounding cryptocurrencies (including recent messages from U.S. Presidential candidate Donald Trump), were positive factors for the recovery of this sector and its dealmaking activities.
Brisbane’s company, which was founded in 2018, has grown rapidly. It now handles billions in trading volume each quarter.
The acquisition marks one of the largest mergers in the ANZ crypto market in recent years, following a slowdown in industry M&A amid regulatory uncertainty and market volatility.
Easy Crypto co-founder and CEO Janine Gringer explained that this acquisition is in line with Easy Crypto’s mission to expand access to digital currencies.
The partnership was a “natural fit” for her, she added.
The two companies will initially continue operating as separate platforms before they integrate services under Swyftx. A combined workforce of just over 200 will be employed by the business.
