In Brief:
- Swyftx has established a new platform for New Zealand investors.
- Customers will be able to deposit and withdraw money in New Zealand dollars through local banks.
Swyftx, an Australian-based exchange, has launched a New Zealand version of its site today, which accepts local bank deposits and withdrawals in New Zealand dollars.
The business is estimated to expand to about $210 million by the end of 2021, with 800,000 Kiwis using or holding some kind of cryptocurrency.
Alex Harper, CEO of Swyftx, said, “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.”
Harper further added that they have around 5,000 Kiwis already using it and that more people are expecting to use it.
“The current exchanges work by simply booking a trade with them,” Harper added.
One of the major benefits of using a locally-based platform is the ability to hold accounts in New Zealand dollars. This makes it easier to make deposits via bank transfers.
However, New Zealanders who got involved in the cryptocurrency industry have been warned about the dangers.
Cryptocurrencies are speculative and high risk, according to New Zealand’s Financial Markets Authority (FMA). Kiwis should only invest what they can afford to lose.
FMA said that using a New Zealand-based platform provides some safety because it must be registered on the financial service providers registration (FSPR).
About Swyftx:
Swyftx was established in 2018 and is considered Australia’s fastest growing exchange. This year in May, its clients spent about 3 billion Australian dollars on digital assets. While a year ago, it was less than AU$120 million. The market for digital assets in New Zealand is estimated to be worth NZD$210 million, according to the company.