IT Brief New Zealand - Technology news for CIOs & IT decision-makers
Story image
Cryptocurrency users to benefit from increased range of currencies
Fri, 3rd Sep 2021
FYI, this story is more than a year old

Kiwi cryptocurrency users are set to benefit from the launch of a new crypto trading platform, which will significantly increase the number of currencies available in New Zealand.

The new Swyftx NZ exchange will offer access to a wider range of currencies than any other New Zealand-based crypto platform, giving Kiwis the opportunity to buy and sell more of the worlds most highly traded digital assets.

The new platform will increase the number of coins available through a NZ registered crypto exchange to over 280 coins - around a 70% increase on what is currently provided locally. The additional crypto currencies brought to the local market through Swyftx are estimated to have a total market cap in excess of USD $25bn.

Formed in 2018, Swyftx is Australias fastest growing crypto exchange with almost $3bn worth of digital currency traded on their platform in May - up from $120m just 12 months ago.

Alex Harper, Swyftx CEO, says with research finding around 800,000 Kiwis are planning to use or hold some form of cryptocurrency by the end of 2021, the New Zealand market for digital assets is estimated by Swyftx to be NZD$210m.

He says New Zealand was chosen as their first international market due to the regulatory parity with Australia.

"What we have seen throughout the region is a rapid maturation of cryptocurrency in recent years," Harper says.

"We have around 5,000 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 says.

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

Harper says New Zealand crypto trading platforms tend to work differently from those in other markets.

Existing NZ exchanges work by simply booking a trade with them. What this means is that you send them the money for a cryptocurrency and they send you the coin. It is basically just a pass through of funds.

"When our exchange launches, local crypto users will be able to hold an account in NZ dollars on the platform and make deposits easily through bank transfer - giving them the ability to trade in and out of different coins more easily," says Harper.

"Our exchange will open up the local market to a further 48 of the 300 highest high cap coins available, as well as smaller cap coins that are growing in popularity," he says.

"Customers will have a dashboard of their funds, and the ability to trade between different pairs of coins - providing significantly more flexibility."

Kiwis will be able to access the new Swyftx NZ crypto exchange from August 31, 2021.