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Australian crypto exchange Swyftx, Superhero trading app reveals $ 1 billion
The leading Australian crypto exchange Swyftx will merge with the Superhero pension and stock trading platform in order to create the country's first crypto "super app" after completing the transaction, the services of both companies are expected to be bundled for their 800,000 strong customer base, one of the largest crypto exchanges according to total volume, and and The ASX trading platform Superhero announced on Tuesday that they will merge to create a "financial services giant worth $ 1.5 billion ($ 1 billion)". The merger will forge Australia's first crypto "super app", which, according to an explanation, offers access to decentralized and traditional finances by investing in crypto, pension funds and ...
Australian crypto exchange Swyftx, Superhero trading app reveals $ 1 billion
- Die führende australische Krypto-Börse Swyftx wird mit der Renten- und Aktienhandelsplattform Superhero fusionieren, um die erste Krypto-„Super-App“ des Landes zu erstellen
- Nach Abschluss der Transaktion werden die Dienstleistungen beider Unternehmen voraussichtlich unter einer Schnittstelle für ihren zusammen 800.000 starken Kundenstamm gebündelt
Swyftx, one of the total of the largest crypto exchanges in Australia, and the ASX trading platform Superhero announced on Tuesday that they will merge to create a "financial services giant worth $ 1.5 billion ($ 1 billion)".
The merger will forge Australia's first crypto "super app", which, according to an explanation, offers access to decentralized and traditional finances by giving investments in crypto, pension funds and shares.
The efforts to develop Australia's first financial super app are becoming increasingly competitive because the country's banks are exhausting to use their extensive customer base. A super app is a platform that has been developed to bundle several services of existing companies from different sectors in order to create a seamless customer experience.
Both companies stated that they had experienced explosive growth in the past 12 months, with the Swyftx, based in Brisbane, recorded an increase in users by 1,200 %, while the online stock trading platform recorded an increase of 600 % during this time.
The number of $ 1 billion is an agreed evaluation by Swyftx and the Superhero board, which is based on various business bases, including previous income and forecast income, a spokesman told Blockworks.
"Both parties are confident that the combined business easily justifies the evaluation," said the spokesman. "These are two private companies that come together in a transaction with a significant equity component, so the key is the relative assessment."
"The planned merger is a significant step for both companies in terms of their development of disruptive technology companies to a single, large financial institution that can grow in national and international markets," said Alex Harper, co -founder of Swyftx.
It is expected that over 800,000 customers are counted when the transaction is concluded, with 200,000 being linked to Swyftx via the existing customers of the pension and trading platform. Like a 401 (K) in the United States, the supernuation is the Australian pension fund plan, which is designed to transfer part of the income of an employee to a long -term savings account.
Both platforms will continue to operate their separate platforms while planning to offer investors both services. After completing the deal, customers of both platforms can register under a single account via a uniform interface.
The combined company will serve investors throughout Australia and New Zealand with offices in Sydney, Brisbane, London and Vancouver. The merger is to be completed at the beginning of next year.
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The post Australian Crypto Exchange Swyftx, Trading App Superhero Reveal '$ 1b' Merger is not a financial advice.