Key Takeaways
- Grainger confirmed that while the Easy Crypto brand would eventually be retired, the merger would provide customers with enhanced services and access to a larger platform.
- The deal, set to be finalized by the end of the month, is structured primarily in Swyftx scrip
In a significant development for the cryptocurrency industry in Australasia, Australian exchange Swyftx has acquired New Zealand’s largest crypto platform, Easy Crypto. The deal, reportedly valued in the tens of millions, marks one of the biggest mergers in the regional digital asset market and is expected to reshape the competitive landscape.
As per reports, with more than 350,000 users across New Zealand, Australia, and South Africa, Easy Crypto has processed more than NZ $3.5 billion in transactions since its launch in 2018. The acquisition will see Easy Crypto integrated into Swyftx, which serves 800,000 users, creating the second-largest exchange in Australasia by trading volume.
Commenting on the development, Janine Grainger, co-founder and CEO of Easy Crypto, explained that the decision to merge was part of a long-term strategy. “We assessed market trends, increasing costs, and competition before deciding that a partnership with Swyftx would be the best way forward,” she said. Grainger confirmed that while the Easy Crypto brand would eventually be retired, the merger would provide customers with enhanced services and access to a larger platform.
Swyftx CEO Jason Titman emphasised the strategic importance of the acquisition, stating that it would accelerate growth in a market poised for expansion. “Australasia needs a strong homegrown exchange to compete globally, and this deal ensures that we can provide a world-class platform for local users,” he said.
The acquisition comes as Australia moves closer to implementing new regulations for digital assets, which Swyftx supports. Titman further noted that regulatory clarity could encourage up to 6.4 million Australians to enter the crypto market. “We believe stronger regulation will create confidence among investors and further drive adoption,” he said.
While New Zealand’s crypto sector remains largely unregulated, issuers must adhere to oversight from the Financial Markets Authority. Grainger pointed out that increasing compliance costs played a role in the decision to join forces with Swyftx. “The regulatory environment is shifting, and it’s becoming more complex. We saw this as an opportunity to align with a company that is well-prepared for these changes,” she explained.
The deal, set to be finalized by the end of the month, is structured primarily in Swyftx scrip, preserving cash reserves for further expansion. Easy Crypto’s leadership will remain involved during the transition to ensure continuity for users. Swyftx, which reported revenue of $85.7 million last financial year—almost double its previous year’s earnings—expects the merger to strengthen its market position further.
Titman highlighted that the crypto sector had experienced a challenging period for mergers and acquisitions in recent years due to regulatory uncertainty. However, he believes the environment is becoming more favourable. “With the market stabilizing and regulations improving, we see this as the right time to expand,” he said
