Easy Crypto, New Zealand’s largest crypto exchange, merges with Australia’s Swyftx to form the second-largest platform in Australasia. Founded by the Grainger siblings in 2018, Easy Crypto has over 350,000 users and $3.5 billion in transactions. The merger responds to rising costs and regulatory dynamics, aiming for enhanced growth and competitiveness in the sector.
In a pivotal moment for the crypto landscape, New Zealand’s largest exchange, Easy Crypto, is merging with the Australian platform Swyftx. This strategic alliance, which remains undisclosed in financial terms, is set to forge the second-largest cryptocurrency trading platform across Australasia, leveraging a combined customer base exceeding 1.1 million.
Founded in 2018 by siblings Alan and Janine Grainger, Easy Crypto boasts over 350,000 users and claims to have facilitated more than $3.5 billion in transactions. Co-founder Janine Grainger expressed that the merger aligns with the global surge in digital currency interest, particularly following record price highs late last year.
This merger signals a thoughtful decision considering the rising operational costs and competitive pressures in the market. “The positioning of the market for a recovery looked like a good opportunity for us to look at a merger,” Grainger noted, emphasizing the trend of mergers within the crypto sector as a tactic for growth.
Additionally, the evolving regulatory scene in Australia has intensified the impetus for this merger. Grainger remarked on the increasing costs tied to regulatory compliance and the complexity of operating in the current environment.
Swyftx’s CEO, Jason Titman, highlighted that the merger would foster growth for both companies. He stated, “Australasia needs a large, world-class homegrown exchange to compete with international offerings and this deal creates exactly that,” indicating the merger’s potential to enhance market presence and customer protection.
The transaction also positions Swyftx to capitalize on the anticipated regulatory advancements benefiting New Zealand customers, as further regulations seek to provide greater safeguards for consumers in the cryptocurrency space.
The merger between Easy Crypto and Swyftx represents a significant shift in the Australasia crypto market, combining resources to better address operational challenges and regulatory pressures. With a focus on growth and consumer protection, this alliance is poised to create a powerhouse in the crypto trading sector, aiming to enhance its competitive stance against international markets. As regulations evolve, both firms anticipate leveraging these changes to their advantage while serving a larger customer base.
Original Source: www.rnz.co.nz
