Swyftx and Superhero Announce a $1.5 Billion Merger to Offer Both Stocks and Crypto Trading
Crypto exchange Swyftx has announced a $1.5 billion merger deal with the online investing platform Superhero.
The company is now advancing towards its ultimate goal of providing seamless trading between traditional and crypto assets.
The completion of the merger was announced Wednesday and the combined company will become the first platform in Australia that offers both decentralized and traditional financial services.
“We’re teaming up with equities trading platform & fellow Aussie fintech @superheroaus, to give you the opportunity to invest in digital and traditional assets – all in one place!” Swyftx wrote in a tweet.
The company’s co-CEO Ryan Parsons said that one of the exchange’s long-term objectives is to increase the “interoperability between asset classes.”
“You can imagine customers trading their Bitcoin or other digital assets for equities in listed companies like Tesla, and vice versa.”
Parsons said Swyftx will first focus on cooperating with regulators to establish suitable customer protections. He said the crypto exchange is highly committed to making sure that all of its decisions are made with appropriate customer protections.
Parsons said Swyftx and Superhero have been discussing potential deal options for several months, adding that it was “no surprise” that numerous equity trading platforms are exploring ways to provide crypto trading services and vice versa
The co-CEO said that in the end, it made more sense to merge with Superhero rather than become partners.
Swyftx was co-founded by Alex Harper and Angus Goldman in Brisbane, Queensland, which provides trading services for roughly 320 digital currencies and similar crypto products. Swyftx saw its customer base skyrocket almost 1,200% to more than 600,000 retail and corporate investors.
In its statement released today, the exchange said its merger with Superhero would raise the customer base size to around 800,000 investors. The deal is expected to close in mid-2023.