Global cryptocurrency trading platform Crypto.com has acquired Australian brokerage Fintek Securities in a move that is set to broaden the group’s offering to include equities trading on Australian and international stock exchanges.
The acquisition by Singapore-based Crytpto.com, which was founded in 20https://www.businessnewsaustralia.com/16 and earlier this year topped https://www.businessnewsaustralia.com/100 million users worldwide, comes on the heels of the acquisition last month of US-based broker Watchdog Capital to provide equities and equity options trading to US customers and expands the platform’s presence in the mainstream finance sector.
It also comes three years after Crypto.com bought the North American Derivatives Exchange to provide its US-based customers with the opportunity to trade derivatives and futures products.
Crypto.com says the deal for Melbourne-based Fintek Securities, which holds an Australian Financial Services Licence and is regulated by the Australian Securities and Investments Commission, will give its users access to a broad range of financial products, including deposit products, derivatives, securities, foreign exchange and managed investment schemes.
“The path of the Crypto.com roadmap is to ambitiously expand our offering by providing customers the most comprehensive set of financial services, and this acquisition is the latest step in that journey,” says Kris Marszalek, the CEO of Crypto.com.
“The goal is to create one destination for all financial services where users can simplify their experience and maximise rewards.”
Crypto.com’s Australian general manager Vakul Talwar describes the Fintek Securities acquisition as a “huge step” for the business in providing industry-leading products and services to its global customers.
“As part of this brokerage acquisition we will be able to launch equities trading on Australian and international exchanges including, but not limited to, the Australian Securities Exchange, London Stock Exchange, New York Stock Exchange, and NASDAQ,” says Talwar.
“It also gives us the option to offer CFDs on multiple asset-classes to retail customers and sophisticated investors.
“What this means for eligible Crypto.com customers is that they can use just one app to manage a whole range of investment assets and enjoy broader and easier access to different investment classes – more details will be released in the coming months.”
Halwar also notes the acquisition will enhance Crypto.com’s product expansion in Australia, driving crypto adoption and the growth of its domestic user base.
“We are aiming to be at the forefront of bridging traditional finance and digital assets through the integration of traditional brokerage capabilities into our Crypto.com App and will continue to push in this direction,” he says.
“While we recognise there is currently limited guidance on crypto regulation in this country, we are working very closely with the government and ASIC (Australian Securities and Investments Commission) and doing what we can as a responsible local industry player, with global experience, to help progress this and we look forward to announcing further launches from our 2025 product roadmap very soon.”
Financial details of the acquisition have not been disclosed.
Documents registered with the Australian Securities and Investments Commission (ASIC) show more than $2 million was paid for Fintek by the Australian subsidiary of Foris Holdings, a Singaporean entity linked to Crypto.com. It lists its directors as Crypto.com co-founder and CFO Rafael Melo, and Crypto.com Australia executive Vakul Talwar.
