Swyftx acquires Easy Crypto, expands ANZ crypto presence

Australian cryptocurrency exchange Swyftx has announced the acquisition of New Zealand's largest crypto platform, Easy Crypto, marking a significant development in the trans-Tasman digital asset market.

Easy Crypto, founded by siblings Janine and Alan Grainger in 2018, has grown to become New Zealand's largest cryptocurrency trading platform with a user base of over 350,000. The platform has processed transactions exceeding NZD $3.5 billion and has extended its operations beyond New Zealand to Australia, South Africa, and parts of Southeast Asia, including countries like Malaysia and Indonesia.

While the financial terms of the acquisition have not been disclosed, the move aligns with Swyftx's broader strategy of international expansion. This deal not only strengthens Swyftx's presence in New Zealand but also opens up opportunities in the burgeoning African crypto market.

Swyftx, based in Brisbane, is one of Australia's rapidly growing digital asset exchanges with around 150 employees. Since its inception in 2018, the company has supported trade volumes of more than NZD $40 billion in the Australia and New Zealand region.

The merger of Easy Crypto's international clientele with Swyftx's existing base of over 800,000 customers forms the second-largest cryptocurrency trading platform in Australasia by trading volume.

Jason Titman, CEO of Swyftx, stated that the acquisition will facilitate the accelerated growth of both entities in the forthcoming years. He commented, "Easy Crypto's global footprint and innovation across areas like stablecoins will help accelerate Swyftx's growth into new markets and products."

He added, "Easy Crypto is a high-quality, trusted and innovative business in a market that will grow over the next few years. We have wanted to expand our presence in New Zealand for some time. Australasia needs a large, world-class homegrown exchange to compete with international offerings and this deal creates exactly that."

Titman further elaborated on the synergies between the two companies, noting their shared commitments: "This acquisition brings together two of the top-rated exchanges in the ANZ region, with a rapidly growing customer base and a focus on promoting greater financial freedom."

Janine Grainger, co-founder of Easy Crypto, expressed confidence in the partnership, stating, "I've been impressed with Swyftx's growth and approach in Australia and our shared vision and values relating to customer experience, security and financial freedom made this partnership a natural fit."

Both Swyftx and Easy Crypto have stressed the importance of maintaining high standards of customer service and security post-acquisition. "Swyftx and Easy Crypto share a deep commitment to excellence in both customer experience and security and this will remain a top priority following the acquisition," said Titman.

The transition plan involves Easy Crypto eventually migrating to the Swyftx platform, offering customers access to a broader range of over 400 crypto assets along with competitive fees. Despite the integration, Swyftx plans to continue a physical presence in New Zealand, with intentions to foster growth and innovation.

Discussing regulatory developments, Titman noted the upcoming stricter regulations for Australian cryptocurrency exchanges, predicting that this will lead to expanded market participation. "Swyftx is already well advanced in our preparation for a regulated future. We're strong supporters of robust rules and know that many potential investors are waiting for the introduction of regulations before they enter the market," he remarked.