The digital investment analysis firm Collective Shift and the crypto exchange Swyftx have joined forces to enhance Swyftx’s crypto market research project.
The partnership aims to shake up the crypto-research business by offering all Swyftx users free access to impartial, third-party expert analysis. That is likely the first contract of its sort in the crypto space.
Collective Shift is becoming a local crypto-industry success story, having grown from its difficult startup beginnings a few years ago to its current position as Australia’s big retail crypto research platform, with more than 6,000 members worldwide.
Announcing our newest collab with @cshift_io to bring you the Swyftx Analysis Hub!🧾
Packed full of expert insights, analysis & independent crypto research, you’ll get an overview of the current state of crypto & its potential future!🔍
Check it out👉 https://t.co/E8uqn2DSJk pic.twitter.com/0VpTOuKI0k
— Swyftx (@SwyftxAU) February 16, 2023
The company recently completed a $1.5 million seed investment at a $15 million valuation, with investors including RNR Capital and the Smorgon family office.
Ben Simpson, founder and CEO of Collective Shift, said of the Swyftx partnership, “There is a real lack of independent, quality education and research in the crypto industry that everyday Australians can understand.”
Education helps the crypto sector develop.
According to Swyftx, an estimated 4,2 million Australian adults will own crypto in 2022. And roughly 21% of Australians who previously owned digital assets reported having either a limited understanding of the market (18%) or none (3%).
Therefore, approximately one-fifth of Dogecoin investors are acting on hearsay that Dogecoin could make them wealthy.
Alex Harper, co-founder and CEO of Swyftx, said, “The crypto industry needs to mature over the next 12 months, and one aspect of that is taking responsibility for educating consumers. “The dynamics of the market have completely changed since FTX [the Sam Bankman-Fried-run exchange, which imploded amid revelations of spectacular levels of mismanagement and charges of fraud].
Digital asset users are increasingly sceptical and seek trustworthy, independent analyses of market fundamentals and associated hazards, particularly in an environment where regulated guidance is not yet available.”
The cooperation between Swyftx and Collective Shift will concentrate on offering weekly independent market research, including in-depth analyses of the unique use cases and dangers associated with specific cryptocurrencies.
Harper also stated that most crypto users in Australia claim a high degree of market comprehension. Yet, because of the complexity and novelty of blockchain technology, information asymmetry and market uncertainty persist, particularly among retail users. Education is the most vigorous defence against this.
With over 635K clients, Swyftx is the second biggest Australian-based cryptocurrency exchange. Since its inception in February of last year, slightly more than 1.5 million unique users have used Swyftx’s Learn platform.
Harper identifies Collective Shift as “the leading retail research firm in the nation and one of the finest in the world.”