Who would have ever thought that a friendship forged ages ago while attending a camp will result in the creation of one of Australia’s most exciting and fastest-growing cryptocurrency companies? Co-founded by Alex Harper and Angus Goldman, the Swyftx crypto startup has grown to process more than $120 million in monthly transactions.
The duo are passionate tinkerers, entrepreneurs, and IT experts who first met at the University of Sydney’s National Computer Science School Camp. Having started successful businesses since then, they were reunited as roommates in Brisbane where they came up with the idea for what goes on to become a wildly successful crypto startup, Swyftx.
Lifelong Entrepreneurial Instincts
Both Angus Goldman and Alex Harper have always demonstrated an interest in entrepreneurship. While Harper started a juice company with his family at local markets and an onsite IT company, Goldman was busy programming and running his own businesses.
In 2015, Harper co-founded Neotill, a fintech company that created a credit card payment processing app for iOS and Android mobile devices.
“I left high school at the start of year 12 to continue growing my IT business and partnered with one of my then-employees. We built it into a managed IT service provider for small businesses in Brisbane. In 2015, (alongside the IT business) I co-founded a fintech company called Neotill, a credit card payment processing app for iOS and Android (like Square Payments),” said Alex Harper.
Having started programming during primary school, Goldman has a lot of personal projects under his belt, one of which includes the entire backend for OpalCoin marketplace that he singlehandedly developed.
My childhood consisted of pulling apart electronics and putting them back together. Most of them still worked after… I started off with programming in primary school where I built and programmed Lego Mindstorms robots and that was where I found my passion for software development,” said Goldman.
Combating Fraud in Australia’s Cryptocurrency Industry
After reconnecting with one another in Brisbane, the two began to discover key gaps within the Australian Cryptocurrency market. A market analysis of the Australian cryptocurrency industry helped them identify a huge opportunity that became an integral part of the foundation for Swyftx.
“We started comparing the global exchanges to Australian ones, we noticed some concerning differences, particularly around the price movements and features offered, “said Goldman.
“We’re striving to provide a trustworthy, safe, and fair platform for investing in crypto. We offer some of the most advanced features in a simple interface with some of the lowest fees and spreads. We have the best customer service in Australia with the rest of the world on our radar very soon,” added Harper.
Despite the rest of the world on their future radar, the two co-founders are taking the time to double down on fraud in the Australian market where it currently serves. They have adopted extensive due diligence programs including the source of funds verification, which they believe will lead to a 5-fold reduction in theft. Additional features incorporated into Swyftx include smart order routing and advanced trading tools, along with enhanced user design and experience which makes the platform stand out amongst its peers.
Operating a Crypto Company in Australia
Australia is one of the few countries in the world to have crypto-friendly regulations. Having benefited from this open environment, Swyftx has grown from being a small startup to an industry leader offering the most tradable assets at lowest spreads in a short span of time.
“Australia was one of the first countries to provide regulation around Anti Money Laundering and Terrorism Financing through its Australian Transaction Reports and Analysis Centre (AUSTRAC) body. This has helped set the stage for legitimizing the cryptocurrency industry,” said Harper.
“While major Australian banks are still impossible to deal with, we have seen excellent support from independent banks and payment processors in helping the adoption of the industry,” Harper said.
Astonishing Growth Despite a Slow Start in a Bear Market
The exchange launched during a bear market. Amid low deposits and a slow market, Swyftx has grown from doing $10 million to over $120 million in monthly trading volume during the second year of business. The team has grown from just two co-founders to over 20 employees.
“Throughout 2020 and the COVID pandemic, Swyftx has continued to thrive, our transaction volumes have hit an upwards of $120-million per month,” said Harper.
The AUSTRAC regulated Swyftx currently offers over 176 tradable crypto assets to more than 30,000 traders. Available as a web, iOS and Android application, the platform incorporates advanced trading features like real-time price feeds, TradingView charts, Stop, Limit and Market orders, recurring deposit, etc. and has some of the lowest fees in the industry. It also has the best security features and an efficient customer support mechanism to deliver a great trading experience to Australian crypto traders.
Swyftx plans to expand its services to other countries in 2021.
Swyftx is Australia’s most trusted and progressive cryptocurrency trading platform. It implements layered security, instant verification, best prices and live chat support.