Digital brokerage platform Syfe to make Australian debut in early August
DIGITAL investing platform Syfe has its eyes set on the Australian market, with plans to launch Syfe Trade, its digital brokerage, in early August as part of its geographical expansion plans across the Asia-Pacific.
In an announcement on Wednesday (Jul 6), the company said it has built a “unique offering for Australia investors”, with free monthly trades to invest directly into US stocks and exchange-traded funds and secure investment opportunities in crypto.
According to a survey published by comparison site Finder, Australia has one of the highest adoption rates of crypto globally, justifying the firm’s decision to expand into the country.
“We believe it is important to provide investors an integrated, seamless platform which allows investing across multiple asset classes for the long term,” said Dhruv Arora, chief executive and founder of Syfe, commenting on the platform’s launch amid the crypto winter.
“The Syfe platform will offer a closed managed wallet, which ensures greater safety and security to invest in digital assets,” he added.
In recent weeks, the cryptocurrency community has been hit with a series of less-than-favourable events - from the financial struggles of Three Arrows Capital to layoff announcements made by several of the industry’s exchanges. Bitcoin, one of the most known cryptocurrencies, is also experiencing large volatilities and price swings of late, having fallen to one of its lowest levels since December 2020.
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This has not deterred Syfe in its launch as it looks to provide “instant funding capability, competitive pricing, a seamless user experience, access to premium news and expert analysis, coupled with a secure way to further diversify with crypto”.
The platform’s entry into Australia marks its third foray into Asia-Pacific markets, having just launched its services in Hong Kong in June this year. Syfe, whose investors include Peter Thiel-backed Valar Ventures, Presight Capital and Unbound, has raised US$52.4 million to date and claims to have over 100,000 customers in Singapore as of Q1 2022.
“While current market conditions present a challenging time for investors, wealth accumulation is a long-term commitment and we continue to believe in the importance of building a platform where individuals access high quality solutions to grow money efficiently and affordably,” said Arora.
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