L - R: Alex Harper, Wayne Baskin, Angus Goldman and John Winters, co-founders of Superhero and Swyftx. Source: supplied.
Share trading platform Superhero’s planned $1.5 billion merger with Australian cryptocurrency exchange Swyftx has been scrapped, as violent market volatility and the looming threat of regulation scupper advanced plans to create a financial ‘super app’.
As first reported by The Australian Financial Review on Tuesday, the June decision to merge the companies into an 800,000-customer unicorn is no more, with Superhero’s co-founders, and a coterie of early investors, set to buy the company back.
“After discussions with Swyftx’s leadership and its board, we came to the decision that demerging is in the best interests of Superhero, our team and our customers,” said co-founder John Winters in a written statement.
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