Swyftx and Superhero have agreed a $1.5 billion merger and will develop a “super app” where clients can manage cryptocurrencies, shares and superannuation all in one place.
According to Alex Harper, co-founder of Swyftx, there are too many apps for everything. He wants to see more “fluidity” for assets so that they can be interchanged at will.
“Pending technical and regulatory assessment, we’d love to see a future where you can swap bitcoin into Tesla [shares] or swap your Tesla [shares] into cash and make a transaction at the supermarket. We really want to see a future where assets are much more fluid and simple to manage.”
The all-australian merger will bring together 800,000 customers and is expected to be completed by early 2023. Until this time, both companies will continue to operate individually.
In an article on the subject by itnews, the Swyftx exchange allows clients to trade in 320 cryptocurrencies, and also offers other features. The Superhero ASX trading platform has grown to 200,000 customers since its inception in September 2020.
The Swyftx co-founder Alex Harper, and CEO Ryan Parsons, will become joint CEOs when the two companies combine. Harper said:
“There is a deep level of mutual respect and alignment between our teams and the experience that the Superhero team has in the regulated business will be enormously important in shaping the future of the combined entity, especially with digital currency going through its own journey towards regulation.”
In an article on SmartCompany, John Winters, co-founder and CEO of Superhero said that the merger was only announced after many discussions with Alex Harper. He said:
“It [the merger] made a lot of sense as we were working through that [because] we’re very aligned in our thinking. We’re very aligned in what we’re trying to achieve for our customers. The conversation fairly quickly moved to what it would look like to bring the two businesses together,”
As well as bringing together both company’s expertise in digital assets and traditional financial services, they are both keen to educate their customers on their “financial wellbeing”, and so the new app will integrate education with the new open-banking tech. Harper said on the matter:
“There’s no point building an app that has every single investment opportunity under the sun if your customers don’t understand or aren’t educated about what it means to build their own financial freedom and build their wealth.”
“We see education as a key requirement and key responsibility of businesses like ours, and we put a lot of emphasis on educating our investors to understand investment strategies, what they’re investing in and to take into account all of the risks and opportunities. We call on the entire industry to step up and take on the responsibility of lifting financial literacy in Australia.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.