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WAYS TO OFFER TRADING BETWEEN TRADITIONAL AND CRYPTO ASSET CLASSES: RYAN PARSONS

WAYS TO OFFER TRADING BETWEEN TRADITIONAL AND CRYPTO ASSET CLASSES: RYAN PARSONS 

Swyftx of the Australian crypto exchange seeks to finally offer seamless trading between traditional classes and crypto-assets, its first step being the finalization of its $ 1.5 billion merger agreement with online investment platform Superhero.


The merger agreement was unveiled on June 8, and the merger will be the first in Australia to provide both limited and traditional funding.



Speaking to Cointelegraph on Wednesday, Swyftx CEO Ryan Parsons revealed that one of his long-term goals is to explore "greater interaction between asset classes."


"You can imagine customers trading their Bitcoin or other digital assets to get prices from listed companies like Tesla, on the contrary."

Parsons said the most important thing would be to work with regulators and establish proper customer protection:


“But it is important to make it clear that we are complying with all legal requirements in an area that is already changing rapidly. We are committed to ensuring that whatever we do, we do well with proper customer protection. ”



While merger issues seem to come without prior warning, Parsons said it was "not surprising" that many equities trading platforms were looking to offer crypto trading and vice versa, and that discussions with Superhero about mergers were ongoing. a few months earlier:


"The two groups have been actively involved for a few months, and the merger is following a series of talks on the possibility of a crypto-equities partnership. It makes sense to combine power rather than our partners."

Founded jointly by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian crypto exchange organization, offering 320 digital currencies and crypto-yielding products. The company exchanges had a good year in 2021, growing its base of investors by about 1,200% to more than 600,000 retail and corporate investors.


Superhero, an online retailer, was launched the same year, but only launched in late 2020. Over the past 12 months, the company has increased its investment base by more than 600% to more than 200,000 investors, allowing them to trade in Australia and the U.S. shares, and managing the Superhero superannuation (Australian version 401K) is a product launched in July 2021.


In a statement on June 8, Swyftx said the completed merger would create an 800,000 integrated customer base by the end of 2023.


The integrated platform will allow customers to trade and invest in all cryptocurrencies, shares and pension funds. Later, Parisons stated that the company wants to develop its own products, which may include banking services or other traditional financial services.


After mergers, Swyftx founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the merged business. John Winters will lead the traditional financial services unit and take over the board of directors.


Winters told the Sydney Morning Herald on Tuesday evening that it was possible to include a list of integrated businesses in the Australian stock market once the merger was completed, but said "there will be a lot of work to be done before we can reach that stage."


Winters said, meanwhile, the two forums will continue to operate independently, and no job losses are expected as part of the merger.

Source: cointelegraphy



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