‘Let’s team up’: Crypto exchange in $1.5b surprise merger | domp
Crypto exchange Swyftx and equities trading platform Superhero have announced a surprise merger of the two companies in a move that could see the combined $1.5 billion trading giant list on the ASX further down the track.
Swyftx’s Alex Harper and Angus Goldman have partnered with John Winters and Wayne Baskin of Superhero in a bid to create the first trading “super app”.the crypto exchange had been keen to get into the equities and superannuation space, and had started to talk to Superhero’s co-founder John Winters about how the exchange could start to move into that market.
Currently, no crypto exchanges in Australia are listed on the local bourse, however Winters hinted this could change in the not-too-distant future, saying an IPO could possibly be on the cards once the merger is tied off, though the founders noted they were not in a hurry to do so.“I don’t think an IPO is necessarily off the table. There’s a lot of work to be done before we get to that stage though,” he said.
The platforms will continue to operate independently of each other for the time being, though that might change if and when Australia’s regulatory settings allow, something Winters noted could pose a challenge.“Regulation is of utmost importance in our businesses. However, there are grey areas in how to deal with digital assets currently,” he said. “We were extremely impressed with how Swyftx is engaging with the regulators and government around that, but there are challenges.
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