Swyftx has been on the rise, one of Australia’s fastest rising cryptocurrency exchanges. In March, it made a move to continue that growth and expand its reach in the cryptocurrency market, particularly within Australia. The move to acquire Easy Crypto is a big one, making the combination the second-largest cryptocurrency platform in all of Australia.
It is one of the largest ever transactions in the Australian cryptocurrency space, reshaping the trans-Tasman crypto market in the process. There is a lot here to work through, so let’s break down the acquisition, what each company brings to the table, why it is big crypto news, and why it all works.
A Major Acquisition for Swyftx
Swyftx was already on the rise, but this move to acquire Easy Crypto pays dividends on several fronts. As mentioned previously, this combination will become the second-largest cryptocurrency exchange in Australia, but there is more at play for Swyftx.
Perhaps the biggest reason for the move is the expansion possibilities for Swyftx. By acquiring the New Zealand-based company, Swyftx is now expanding its footprint into not only the New Zealand spaced, but into the African market as well. The latter is one of the fastest-growing markets in the world in a short period of time.
Through the deal, a whopping 1.1 million customers across both platforms will be consolidated into a single space. When measured by trading volume, the pair will become second largest in the country.
Jason Titman, the CEO of Swyftx, spoke about the strategic importance behind the deal:
“Easy Crypto is a high-quality, trusted brand in a market poised for growth,” he said. “This acquisition positions us to compete with global players by offering a world-class, homegrown exchange in Australia.”
Likewise, Janine Grainger, the co-founder of Easy Crypto, spoke of the deal: “Swyftx’s trajectory and commitment to financial freedom align perfectly with our vision. Together, we can deliver more value to our customers through broader product offerings and a trusted, local service.”
For now, both Swyftx and Easy Crypto will continue to operate as separate entities in the wake of the March 31 acquisition. This will give each of the teams time to plan for the eventual integration of the two organizations.
The Move Was Motivated by Political Machinations
Amidst the news of the acquisition is a bit of a nod from Titman that the move may have come, in part, because of positive crypto policy changes happening in the United States. Titman said in a March 19 statement that they see “Trump’s policy messaging around crypto as a tailwind” for the deal.
Titman told a publication that the deal between Swyftx and Easy Crypto was already underway before Trump was elected to his second term, but that we are now on “the cusp of sensible regulation in the US.” The hope is that those actions will bring about liquidity while also putting pressure on other governments to follow up with stricter legislation of their own.
“Everyone is so focused on tariffs that they’re skipping the argument that good things are on the horizon for crypto,” Titman said. “The environment for dealmaking is about to improve exponentially, and there is no question that money will move. This deal may be the first, but it won’t be the last.”
In the wake of President Trump’s inauguration on Jan. 20, changes within the crypto industry have included a shift in crypto stance by the United States securities regulator as well as a litany of pro-crypto executives in high positions within the regulatory industry.
Titman believes that the crypto industry has already endured a few lean years when it comes to acquisitions and mergers, in part because crypto CEOs weren’t willing to “take the regulatory risk” that they saw previously under the Biden administration.
“This hesitation has extended to other markets where regulators have sat on the fence and shown a lack of commitment to introducing clear legislation that supports blockchain and digital assets,” Titman said.
“We expect dealmaking to increase over the next few quarters and then stay elevated after that. Political administrations come and go, but rules tend to have a longer shelf life and that gives businesses that certainty they need to invest.”
Why the Pairing Makes Sense
When the merger has officially been completed, the new entity will have a workforce of around 200 employees. According to both Swyftx and Easy Crypto, there will be a base of operations out Brisbane, Australia.
When asked about the acquisition, Grainger said that the move was a “natural fit” and that it would create a massive heavyweight rival to some of the more established incumbents within the cryptocurrency space.
“The crypto market has changed rapidly in the last four years,” Grainger said. “As the market has matured, there has been a trend of the market consolidating and strong regional and global players emerging.”
As Swyftx continues to grow, the move makes more sense. Easy Crypto not only gives them a footprint in New Zealand, but Africa as well. It has been estimated that, as of August 2024, there are 3.9 million Australians who own crypto out of a total population of roughly 26 million. A Web3 consumer research firm estimates that nearly 50% of the 5.2 million New Zealand population is either currently investing in crypto or considering it in the future.
“There is an increasing interest in leveraging our industry” to help drive economic growth and strong support of the industry in New Zealand, Grainger said. “There is a strong support for crypto locally – close to 50% of New Zealanders own, have owned, or are considering future investment into crypto. The region is undergoing increasing levels of regulation, which will help to drive trust, much like other regions.”
Perhaps most importantly, the move comes in the midst of a shifting regulatory landscape in Australia. Crypto exchanges are already preparing for a regime of financial services licensing. With this move, Swyftx has positioned itself to thrive in a more regulated market. Forecasts estimate that there could be up to 6.4 new Australian investors that could enter the market once there have been clearly established guidelines.
The move is not only big for both Swyftx and Easy Crypto, but for Australasia’s digital asset ecosystem. This could pave the way for not only greater innovation, but better financial accessibility for the average investor as well.
About Swyftx
Established by Angus Goldman and Alex Harper, Swyftx was launched in 2018. Based in Australia, it offers the ability to buy, sell, and trade more than 350 cryptocurrencies. It has since become known as a user-friendly exchange with one of the best apps in the business. It has also become known for fast deposits and fantastic customer support.
With features like instant deposits, the ability to invest in trust, company, and SMSF accounts, and TradingView charts, it has become one of the preferred exchanges in Australia. Prior to the acquisition, it is estimated that Swyftx has a base of more than 700,000 users.
What the acquisition will do for Swyftx in the long term remains to be seen. It is an exciting time for both the company and for the cryptocurrency community in Australia. As more regulatory structures are implemented, there should be an influx of new investors.
