Encryption stock trading is on the cards when Swyftx fades $ 1.5B merger with superhero

Encryption stock trading is on the cards when Swyftx fades $ 1.5B merger with superhero – Mail Bonus

The Australian cryptocurrency exchange Swyftx ultimately wants to offer seamless trading between traditional and cryptocurrency asset classes, with the first step being to conclude a $ 1.5 billion merger agreement with Superhero’s online investment platform.

The agreement to merge the two was announced on June 8, with the combined company set to be the first in Australia to offer both distributed and traditional funding.

Ryan Parsons, another CEO of Swyftx, told the Cointelegraph on Wednesday that one of its long-term goals was to explore “greater synergy between asset classes.

“You can imagine customers exchanging Bitcoin or other digital assets for shares in listed companies like Tesla and vice versa.”

Parsons said its first priority must be to work with regulators and set up appropriate customer protection:

“But it is important to keep in mind that we are working through all the regulatory requirements in what is already a rapidly evolving regulatory framework. We are very interested in ensuring that everything we do is done correctly with the appropriate customer protection in place. “

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Although the merger news seemed to come without warning, Parsons said it was “not surprising” that a number of stock trading systems had been seeking to offer cryptocurrencies and vice versa, and that talks with Superhero on the merger had been underway for several months:

“The two teams have been actively talking to each other for several months, with the merger following initial talks on the possibility of crypto-stock cooperation. It just made more sense to join forces than to be partners. “

Founded by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian cryptocurrency exchange that offers 320 digital currencies and cryptocurrency interest income. The company’s stock exchanges saw a significant year in 2021 and expanded its investor group by almost 1,200% to over 600,000 retail and corporate investors.

Superhero, an online broker, was founded the same year, but first launched in late 2020. In the last 12 months, the company has expanded its investor base by more than 600% to over 200,000 investors, enabling them to trade in Australian and US equities. , as well as managing their superhero pension fund (Australia’s 401K version), a product launched in July 2021.

In a statement on June 8, Swyftx said the merger would create a combined customer base of 800,000 by the end of mid-2023.

The unified platform will enable clients to trade and invest between cryptocurrencies, equities and pensions. Parisons later said that the company wants to build up its product range, which could include banking services or other traditional financial products and services.

Following the merger, Alex Harper, co-founder of Swyftx, and current CEO of Swyftx, Ryan Parsons, will be co-CEOs of the merged entity. John Winters will manage traditional financial services and take a position on the company’s board.

In an interview with the Sydney Morning Herald on Tuesday night, Winters said there was a possibility of listing the merged entity on the Australian Stock Exchange once the merger was finalized, but said it was “a lot of work to do before we get to that point. . ”

Winters stated that for the time being, the two platforms will continue to operate independently of each other and no job losses are expected due to the merger.