Australian crypto exchange Swyftx, Superhero trading app reveals $ 1 billion

Australian crypto exchange Swyftx, Superhero trading app reveals $ 1 billion

Swyftx, one of the total crypto exchanges in Australia, and the ASX trading platform Superhero announced on Tuesday that they will merge to create a “financial service 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 enabling investments in crypto, pension funds and stocks.

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 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 share trading platform recorded an increase of 600 % during this time.

The number of $ 1 billion is an agreed evaluation of Swyftx and the board of Superhero, which is based on various business bases, including previous income and forecast, 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 will be 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 USA, the superannization 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 is planned 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 operate 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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