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Home » Australian Crypto Exchange Swyftx Seeks Funding, Flags Bridging Round

Australian Crypto Exchange Swyftx Seeks Funding, Flags Bridging Round

Van Tran by Van Tran
November 24, 2022
in Business
Australian Crypto Exchange Swyftx Seeks Funding, Flags Bridging Round
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While financial markets are gripped by the demise of FTX and its subsidiaries, and investors re-evaluate crypto as an asset class, Swyftx’s board and management have initiated a hunt for new funds.

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The Australian-based firm informed investors that it might have to settle for a short-term funding solution and replace it with more permanent capital once market conditions stabilise.

While some may have viewed the exchange’s capital offering as a possible cash flow issue, Swyftx claimed that not only was the Superhero purchase on track – it still owed $55 million – but the capital increase was part of its worldwide development ambitions.

“We haven’t put a timeline on full integration between Swyftx and Superhero. Our priority is getting the merger right for our customers and regulators, not getting it quick. If that means it takes more time to integrate the platforms, so be it.”

Swyftx stated that Australian crypto firms were operationally healthy, despite FTX tarnishing the general perception of this crypto exchange’s financial health. Notably, it was one of the signatories to Blockchain Australia’s statement guaranteeing that customer deposits will be matched 1:1 by on-chain assets – in response to a rising call for proof-of-reserves.

We are proud to stand alongside 8 other industry leaders in the Australian crypto space by affirming our commitment to transparency and consumer protection. 💙 https://t.co/cPpstNmmYv

— Swyftx (@SwyftxAU) November 22, 2022

However, investors are frightened, realising it is not a good moment for a cryptocurrency exchange to seek new capital.

Due to its exposure to Genesis Global Capital, Swyftx’s ‘Earn’ product has caused a broad halt in deposits from customers in various countries. Swyftx responded that it had reduced its exposure to stablecoins and other digital assets to earn returns. “We took a decision early in October to limit our Earn offering to stakeable assets,” the business added.

The fundraising round occurred barely three months after Swyftx laid off 74 people, or 21% of its workforce, and less than six months after the company merged with the online share trading platform Superhero.

According to investor sources, Swyftx owed the prior owners of Superhero $55 million as part of the June purchase.

No one outside Swyft’s leadership staff, investors, and board of directors can know the real situation. It is only reasonable that Swyftx has taken the initiative and denied rumours of financial difficulty. Many sceptics asserted that corporations in Swyftx’s condition would see denial as the preferred route.

Since then, market conditions have shifted considerably, with FTX’s demise casting a shadow over other industry participants. While the long-term effects of its collapse on the sector are not clear, certainly, seeking a short-term capital infusion in a declining market is not a good look for crypto exchanges like Swyftx.

 

Tags: FeatureTop Crypto News Australia | CoinCulture
Van Tran

Van Tran

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