swyftx

According to the second quarter industry report from the Australian cryptocurrency exchange Swyftx, the global gig and freelance payment market is expected to reach $2.1 trillion by 2033, with AI-native practitioners contributing $775 billion.Under the assumption of approximately 33% adoption rate, Swyftx's benchmark model predicts that $262 billion of this will be settled through stablecoins. Swyftx's Chief Market Analyst Pav Hundal stated that micro-enterprises with fewer than five people are becoming the fastest adopters of AI, giving rise to a group of independent entrepreneurs operating cross-border and invoicing at high frequencies, currently numbering about 6 to 10 million globally, expected to increase to 17 million within a decade.Traditional cross-border payment fees are high and settlements take several days, while transferring stablecoins via Ethereum Layer 2 networks can reduce costs by 80% to 90%. Swyftx added that if the predictions come true, the institutional settlement layer providing off-exchange liquidity, custody, and yield services for these payments could capture up to $1.3 billion in new revenue by 2033. The market capitalization of stablecoins has doubled in the past two years, with June trading volume reaching a historic high of $1.79 trillion.

ChainCatcher news, a recent survey by the Australian cryptocurrency exchange Swyftx shows that despite the government's comprehensive regulatory reforms, the Australian cryptocurrency market remains stagnant, and public trust continues to decline. Nearly 60% of Australians express distrust in crypto assets, an increase of 3 percentage points from last year. Young investors remain the market's main force, with 82% of Gen Z traders reporting profits, averaging around AUD 9,958.The Albanese government has introduced several reforms this year, including an exchange licensing system, a regulatory framework for stablecoins, and a payment system modernization bill. Swyftx CEO Jason Titman stated that once the regulatory framework is formally established, millions of Australians are expected to enter the crypto market.

ChainCatcher news, according to Decrypt, Australian cryptocurrency broker Swyftx will acquire digital asset brokerage Caleb & Brown. Sources indicate that the deal is valued at over 100 million AUD (approximately 65.8 million USD). Swyftx disclosed to employees last week that it plans to expand its operations in the United States, where Caleb & Brown has established a clientele of high-net-worth cryptocurrency investors.Swyftx intends to expand Caleb & Brown's relationship manager team and position the merged group as an alternative for institutional investors seeking customized, around-the-clock support.

ChainCatcher news, according to Cointelegraph, although veteran trader Peter Brandt suggested on X that Bitcoin might repeat the pattern of 2022 and pull back 75%, cryptocurrency analysts are skeptical. Swyftx chief analyst Pav Hundal stated, "Never say never; it just feels unlikely at the moment."In November 2021, Bitcoin reached an all-time high of $69,000, but it fell about 76% over the following 12 months, dropping to around $16,195 by November 2022. The question raised by Brandt in his X post sparked widespread discussion in the community.

ChainCatcher news, according to Cointelegraph, Australian cryptocurrency broker Swyftx has announced its upcoming acquisition of New Zealand cryptocurrency exchange Easy Crypto, with the specific acquisition amount yet to be disclosed.Its CEO Jason Titman revealed that the deal has been in progress since before Trump's election, and the acquisition is expected to be completed by March 31. After that, Swyftx and Easy Crypto will continue to operate as independent platforms, while the teams are planning for integration.

ChainCatcher news, according to Cointelegraph, Swyftx chief analyst Pav Hundal stated that XRP has dropped nearly 18% since hitting its annual high on December 3, and traders are still hoping to see a strong rebound in its price.However, for highly leveraged XRP long traders, the real danger at the moment is the renewed dominance of Bitcoin. The rotation of funds from XRP to Bitcoin is likely to lead to a broader range of liquidations.Pav Hundal mentioned that in the past few weeks, we have observed retail investors quickly buying large positions, and the current number of open contracts is nearly double that of 2021 levels. The market seems to have a "hunger for leveraged long exposure to XRP," and despite the price decline, XRP longs are still adding positions, indicating that the market may be approaching the FOMO zone.

ChainCatcher news, according to Cointelegraph, despite the growing popularity of cryptocurrencies and blockchain, the complexity of the technology may make it difficult for the average user to understand, thereby hindering more people from entering the field.According to a survey conducted by the Australian cryptocurrency exchange Swyftx in August, 43% of the 2,229 respondents indicated that they had not used the technology because they were unsure how it works. Industry experts generally believe that the sector should focus on simplifying educational resources and user interfaces to attract more average users. In addition to technological complexity, factors such as asset storage security and regulatory uncertainty also pose barriers to widespread adoption.Experts suggest that the crypto industry should strive to make the technology easier to understand and use while maintaining its innovative essence, such as simplifying complex concepts, providing user-friendly interfaces, and offering comprehensive educational resources.

ChainCatcher news, according to CoinDesk, blockchain analytics firm TRM Labs has partnered with Australian cryptocurrency exchange Swyftx to combat fraud in the country.The program will be trialed globally for the first time, with Australian crypto users who activate two-factor authentication on their cryptocurrency accounts receiving Bitcoin worth AUD 10 (approximately USD 6.6). The announcement stated that the trial will test the impact of rewarding crypto customers for protecting their accounts and educating themselves on how to avoid fraud on the levels of investment fraud. The first 2,000 customers who enable two-step verification on their accounts and complete a course co-created with TRM Labs will receive rewards from Swyftx.

ChainCatcher news, Australian cryptocurrency exchange Swyftx announced that due to the lack of clarity in cryptocurrency product regulation, it has decided to close its Earn program starting from January 10, and all users' Earn balances will be returned to their original trading wallets. In addition, Swyftx stated that it will consider reopening the program once regulatory rules are clarified.Previous report, last December, Swyftx announced a 40% workforce reduction due to the collapse of FTX. (Source link)

ChainCatcher news, Australian cryptocurrency exchange Swyftx will lay off 40% of its staff, approximately 90 employees, due to the downturn in the digital asset market following the FTX collapse, in order to prepare for the worst-case scenario of continued declines in the crypto market next year and potential more black swan events like FTX.Previously reported, in August, Swyftx laid off 21% of its staff, totaling 74 employees, affecting customer support, marketing, engineering, and other general fintech positions. (WA Today)