Various countries are becoming more and more accepting of cryptocurrencies, as its advantages become more apparent. Even the United States had plans for crypto in their massive $1 trillion infrastructure plan. And even though New Zealand is one of the more accepting countries when it comes to crypto, they still do not have as many exchanges. To help with the lack of exchanges, the Australian trading platform Swyftx has expanded to New Zealand.
The New Zealand branch of Swyftx has recently launched with a promise to offer a wider selection of crypto tokens. In fact, they will be offering more crypto trading options than any other trading platform based in New Zealand. The total number of cryptocurrencies will increase to 280, making it an increase of 70%.
The CEO of Swyftx, Alex Harper, commented on the goals that they intended on achieving with this expansion. He said that their exchange will allow the local market to access 48 of the 300 biggest coins, by total market cap, in the market. Of course, they will also be offering some of the smaller tokens that are growing in popularity.
Swyftx settled for New Zealand as the next place to expand, based on the future potential that it holds. According to the company’s own sources, New Zealand’s digital assets market can possibly, by the end of 2021, grow to $210 million. They also predicted that at least 800,000 citizens will own or use crypto in some form.
Alex Harper continued that throughout the recent years they have been monitoring the region, it shows great promise. He further explained that the region is maturing rapidly when it comes to using and understanding cryptocurrencies. In fact, Harper mentioned that 5,000 people have already started using their platform to trade. He was also confident that more people will come to their platform when looking for a secure and cheap alternative to currency exchanges.
Of course, the future prospect of New Zealand is not the only thing that drew Swyftx there. The country has very similar laws to Australia when dealing with cryptocurrencies. Therefore, they do not have to make too many changes to their already developed plan. Moreover, a locally based platform allows them to have an account of the local currency. The local currency only makes bank transfers and deposits much easier.
Citizens of New Zealand are also much safer when trading compared to other countries. Traders have to register with the financial service provider register while being an affiliate of a dispute resolution scheme.