Australian cryptocurrency exchange Swyftx has secured an Australian Financial Services Licence (AFSL) and is seeking to expand into the crypto payments business.
Cointelegraph reported recently that the licence will allow Swyftx to provide derivatives such as crypto options and futures to retail customers, as well as non-cash payment services.
Swyftx has a foundation to roll out payment services to corporate and individual customers. However, it does not hold an AFSL that is a licence to provide spot cryptocurrency services.
Andrea Wyen (안드레아 위엔), interim co-chief executive officer at Swyftx, said the company will not remain a pure spot crypto exchange in the future. She said it sees opportunities in the payments market after changes to Australia’s credit card surcharge system.
In Australia, merchants cannot add surcharges to Visa and Mastercard debit and credit card payments from Oct. 1. As businesses will have to cover card payment costs themselves, they are more likely to seek cheaper payment networks. Swyftx plans to offer cryptocurrencies and stablecoins as an alternative.
Chi-gyu Hwang
delight@d-today.co.kr