Australian crypto exchange Swyftx has laid the foundation for expansion into new markets globally after acquiring Easy Crypto, the largest crypto platform in New Zealand, and bolstering its trans-Tasman user base to more than a million.
Easy Crypto, which was launched in 2018, the same year as Swyftx, has more than 350,000 users and has facilitated more than NZ$3.5 billion ($3.2 billion) in sales since inception.
The Brisbane-based Swyftx says the acquisition consolidates its position as one of the Australia-New Zealand region’s largest exchanges.
The bolt-on acquisition follows an abandoned merger between Swyftx and share-trading platform Superhero at the end of 2022 and boosts the group’s combined workforce to just under 200 employees.
Swyftx CEO Jason Titman says the acquisition of Easy Crypto will accelerate the exchange’s ability to scale into new products and countries.
“Easy Crypto is a high quality, trusted and innovative business in a market that will rapidly grow over the next few years,” says Titman.
“We have wanted to expand our presence in New Zealand for some time. Australasia needs a large, homegrown exchange to compete with international offerings and this deal creates exactly that.
“We see many new opportunities emerging for the industry and Swyftx is serious about delivering value to our customers. With crypto being such a global industry, we have commenced our expansion strategy.”
Titman says the acquisition is backed by Easy Crypto’s growth trajectory and the platform’s position as New Zealand’s top-rated digital asset exchange.
“I've been impressed with Swyftx's growth and approach in the ANZ markets and our shared vision and values relating to customer experience, security and financial freedom made this partnership a natural fit,” he says.
Swyftx’s acquisition of Easy Crypto takes the group’s user base to 1.1 million people, bringing on board Easy Crypto customers in Australia and New Zealand, as well as South Africa which is a new territory for Swyftx.
It also gives Swyftx greater exposure to a strong market adopter in New Zealand where the country’s Financial Markets Authority estimates that about 10 per cent of the population owns crypto assets.
In November 2023, Easy Crypto launched a New Zealand dollar-backed stablecoin that offers its own self-custody wallet for cryptocurrencies and is described as a stable entry into the digital marketplace.
“Our vision is to make crypto more accessible and to promote financial freedom,” says Janine Grainger, the CEO and co-founder of Easy Crypto.
“We look forward to joining forces with Swyftx to accelerate that vision. Together, we can give our customers access to even more products and innovation to support them in their journeys."
Swyftx and Easy Crypto plan to continue operating as separate platforms until their service offerings can be provided to all customers.
Financial details of the acquisition have not been disclosed.
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