Ashurst, ABL advise on Superhero - Swyftx merger

Ashurst, ABL advise on Superhero - Swyftx merger

In a $1.5 billion deal, cryptocurrency exchange Swyftx will merge with trading platform Superhero

The Australian crypto exchange Swyftx has merged with equity trading platform Superhero, creating a $1.5 billion combined organization that combines digital assets and traditional finance.

In the deal, Ashurst advised Brisbane-based Swyftx and Arnold Bloch Leibler (ABL) advised Sydney-based Superhero. With Swyftx, customers can purchase and sell crypto assets, while Superhero offers Australian and US stocks and ETFs, as well as a superannuation fund. It is expected that the merger will be completed in the early part of the 2023 fiscal year.

In his statement, Harper, a co-founder of Swyftx, said: "This proposed merger represents a significant step for both businesses in their transformation from disruptive tech players into a single, major financial institution capable of expanding across domestic and international markets."

At Ashurst, the team was led by partner Stuart Dullard, senior associate Tom McCann, associate Alex Cutting, and associate Rebecca Karpin. Additionally, financial services regulatory partners Narelle Smythe and Corey McHattan, senior associates Nicky Thiyavutikan, Oliver Digby, and Geena Davies, and associates Jack Collins and Conor Tarpey were involved in the project. The deal was also supported by IP partner Nina Fitzgerald, employment partner Jennie Mansfield, tax partner Ian Kellock, and global loans partner Kenneth Tang.

In spite of the firm's refusal to disclose further details, ABL's corporate and M&A team was led by partner Jason van Grieken from the firm's corporate and M&A practice.

The deal arrives at a pivotal moment in the global crypto market. Over the weekend, the price of bitcoin fell below $20,000, its lowest level since November 2020. At the beginning of the year, the world's most popular cryptocurrency had reached nearly $50,000. The market value of cryptocurrencies has declined by more than $2tr since November last year. Crypto lenders and exchanges are temporarily suspending withdrawals as investors have scrambled for the exits the past week.

Earlier this month, ex-Singapore government minister Calvin Cheng launched Dubai's first regulated NFT investment company following the establishment of the new Digital Assets Regulatory Authority; it is the first regulator of digital assets anywhere in the world.

As part of the new law, crypto exchange Bybit moved its global headquarters to Dubai from Singapore in April.