Swyftx Acquires New Zealand’s Easy Crypto to Expand Australasian Market Presence
Swyftx, a prominent Australian crypto exchange, has acquired Easy Crypto, New Zealand’s largest local crypto trading platform, enhancing its regional presence in the Australasian market. This acquisition expands Swyftx’s user base by integrating Easy Crypto’s 350,000 clients, aiming for a total reach of 1.1 million customers. The deal aligns with Swyftx’s strategy to compete against international counterparts by maintaining and enriching both platforms’ functionalities while offering advanced services. Easy Crypto, having achieved over NZD $3.5 billion in sales since 2018, significantly bolsters Swyftx’s growth ambitions. With a 50% uptake of digital assets forecasted in New Zealand and 22% of Australian voters engaging in cryptocurrencies, this partnership is poised to drive innovation and enhance user experience within a thriving market, despite increasing regulatory scrutiny from bodies like AUSTRAC.
Bullish
The acquisition of Easy Crypto by Swyftx is likely to have a bullish impact on the cryptocurrency market, especially in the Australasian region. By expanding its user base and enhancing service offerings, Swyftx can better compete with global players, which can create a more dynamic and competitive market environment. The potential increase in user engagement with digital assets, supported by Easy Crypto’s existing market share and sales volume, indicates a positive outlook for growth and innovation in the crypto sphere. Additionally, this strategic move comes at a critical time of rising digital asset interest in both New Zealand and Australia, suggesting enhanced market confidence despite regulatory scrutiny.