Australian cryptocurrency exchange Swyftx wants to eventually offer seamless trading between traditional and crypto asset classes, and its first step will be to complete a $1.5 billion merger deal with online investment platform Superhero.

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The deal to combine the two companies was announced on June 8, and the combined company was to be the first in Australia to offer both decentralized and traditional finance.

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Speaking to Cryptooshala on Wednesday, Swyftx co-CEO Ryan Parsons revealed that one of her long-term goals is to explore “greater interoperability across asset classes.”

“You can imagine clients trading their bitcoin or other digital assets in exchange for shares in publicly listed companies like Tesla, and vice versa.”

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Parsons said his first priority will be to work with regulators and put in place the proper customer protections:

“But it is important to be clear that we are working with all regulatory requirements in an already rapidly changing regulatory environment. We are extremely committed to ensuring that everything we do is done properly with the appropriate customer protections.”

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While news of the merger broke without any prior warning, Parsons said it was “not surprising” that a number of stock trading platforms were trying to offer cryptocurrency trading and vice versa, and that merger talks had been underway with Superhero for months prior. :

“The two teams have been in active negotiations for several months, and the merger follows initial discussions about a potential partnership in crypto and equities. It just made more sense to join forces than to be partners.”

Founded by Alex Harper and Angus Goldman in 2018, the Australian cryptocurrency exchange Swyftx offers 320 digital currencies and interest-bearing products. 2021 has been a significant year for the company’s exchange, with its investor base growing nearly 1,200% to over 600,000 retail and corporate investors.

Online broker Superhero was founded in the same year, but only launched at the end of 2020. Over the past 12 months, the company has grown its investor base by over 600% to over 200,000 investors, allowing them to trade in Australia and the US. promotions, as well as manage your Superhero Pension (Australian version 401K), a product released in July 2021.

In a June 8 statement, Swyftx said the completed merger will create a total customer base of 800,000 when it is completed around mid-2023.

The combined platform will allow clients to trade and invest in cryptocurrencies, stocks and pension funds. Parisons later said the company wants to expand its product offerings, which could include banking-type services or other traditional financial products and services.

Following the merger, Swyftx co-founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the combined company. John Winters will lead the traditional financial services division and take a seat on the board of directors.

Winters told the Sydney Morning Herald on Tuesday evening that there was a possibility of the combined company being listed on the Australian Stock Exchange after the merger is completed, but said “there is a lot of work to be done before we get to that stage.” “.

Winters said the two platforms will continue to operate independently for the time being, and no job losses are expected as a result of the merger.