One of Australia’s largest crypto exchanges by total users has branched out to neighboring country New Zealand.
- New Zealand users can now hold an account on the Swyftx exchange with New Zealand dollars and may utilize deposits via local bank transfers, according to a blog post on Monday.
- The exchange has also set up a network of local New Zealand support staff to field customer queries.
- New Zealand has been on Swyftx’s radar for “some time,” the exchange said in a separate blog post. Recent partnerships and regulations have paved the way for Swyftx to support NZD on the platform, it said.
- Many existing exchanges in New Zealand are limited and act as a “pass-through” for user’s funds, Swyftx said in its post. Like most exchanges, Swyftx passes on a fee for withdrawals imposed by its banking partners while local deposits take one to three business days.
- Swyftx is the country’s second-largest exchange, with over 350,000 customers. The move marks the exchange’s first attempt at an expansion outside Australia.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.