Swyftx launches crypto trading platform in NZ

Australian cryptocurrency exchange Swyftx has expanded into New Zealand, increasing the number of coins available through an NZ-registered crypto exchange to over 280.

Swyftx NZ is bringing additional cryptocurrencies brought to the local market that are estimated to have a combined market cap of over US$25 billion (AU$34.1 billion).

Swyftx CEO Alex Harper said the company estimates that the New Zealand market for digital assets is worth around NZ$210 million (AU$202.8 million) and counting.

He said the company selected New Zealand as its first international market due to this demand, as well as the regulatory parity with Australia

“What we have seen throughout the region is a rapid maturation of cryptocurrency in recent years. We have around 5000 New Zealanders already using our Australian platform and we know that increasing numbers of Kiwis are looking for secure, low-cost exchanges to buy and sell digital assets,” he said.

“We are also seeing significantly more institutional investors turning to crypto as a means of hedging against global economic instability.”

The trading platform, which allows users to directly purchase cryptocurrency with New Zealand dollars, was launched on Tuesday.

In Australia, nearly $3 billion worth of digital currencies were traded over the Swyftx platform in May alone, up from just $120 million 12 months ago.

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