Australia’s Swyftx buys Easy Crypto to grow in NZ
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The news: Brisbane-based Swyftx has acquired New Zealand’s Easy Crypto in a deal valued in the “tens of millions,” despite recent volatility in crypto asset trading.
The transaction, set to close by month’s end, is structured mostly in Swyftx scrip to preserve cash reserves, CEO Jason Titman told the Australian Financial Review.
The context: The deal comes as Australia prepares to introduce new crypto regulations, which Swyftx supports, estimating up to 6.4 million more Australians could enter the market when regulations take effect.
Easy Crypto, founded in 2017 by siblings Janine and Alan Grainger, has 350,000 users across Australia, New Zealand and South Africa and has processed over NZD3.5 billion in transactions.
Easy Crypto’s founders will remain involved during the transition. Swyftx reported $85.7 million in revenue last financial year, compared to $43.1 million the year prior, the AFR noted.
What they said: Titman said the acquisition would accelerate growth, while Grainger added it aligned with Easy Crypto’s global ambitions.
“We have wanted to expand our presence in New Zealand for some time. Australasia needs a large, homegrown exchange to compete with international offerings and this deal creates exactly that,” Titman said.
“With crypto being such a global industry, we have commenced our expansion strategy.”
The sources: Swyftx, Australian Financial Review
