Crypto Catch: Superhero-Swyftx merger a ‘historic’ move for crypto industry

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Crypto Catch: Superhero-Swyftx merger a ‘historic’ move for crypto industry

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 Crypto Catch: Superhero-Swyftx merger a ‘historic’ move for crypto industry
Image source: © Bennymarty | Megapixl.com

Highlights

  • In a big move for the Australian cryptocurrency industry, ASX shares trading platform, Superhero, and popular crypto exchange, Swyftx, are merging to form a crypto and shares mega-platform
  • Bitcoin fell 2.7 percent from yesterday and was recently trading at US$30.241.
  • Popular meme token Shiba Inu will be accepted to pay for tickets to games of major Brazilian football club, Sao Paolo FC

In a big move for the Australian cryptocurrency industry, ASX shares trading platform, Superhero, and popular crypto exchange, Swyftx, are merging to form a mega-platform for crypto and shares trading.

The deal, which has been labelled “historic” by both companies, will result in a fintech company worth one-and-a-half-billion dollars.

Superhero, launched in 2020, has been compared to popular US stock platform Robinhood, with its usership growing by six hundred per cent in the past year.

Plans are now being made to run both company’s services on each app. Until then, both platforms will continue to operate separately.

Meanwhile, Swyftx, which was launched in 2018, had a dream year in 2021 as its users grew by an astonishing twelve-hundred per cent.

Swyftx co-founder Alex Harper called the move a “significant step” with Superhero’s experience in the regulated space being a massive boost for digital currency.

The merger will see Harper and current Swyftx chief Ryan Parsons become co-executive officers, with Superhero co-founder John Winters to sit on the board.

The deal is due to be finalised early in the coming financial year.

Market News

Bitcoin fell 2.7 per cent from yesterday and was recently trading at US$30.241.

Ethereum fell 1.2 per cent from yesterday to reach US$1,793.

Altcoin News

Popular meme token Shiba Inu will be accepted to pay for tickets to games of major Brazilian football club, Sao Paolo FC.

The news is a reminder of the global reach that crypto still has, despite its decline over the past six months.

Shiba Inu – a direct competitor of the original meme token, Dogecoin – has had a rough run of late, losing almost seventy per cent of its value since late October.

While Dogecoin is still ranked in the top ten crypto tokens by market capitalisation, Shiba Inu has fallen to sixteenth place after also breaking into the top ten in 2021.

The move by São Paulo FC has shown that the token may still have use case value beyond its cult-like following.

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Image Source @ 2022 Kalkine Media® 

Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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