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Australian crypto exchange Swyftx has launched an asset migrator service in a global first push to make it easier for crypto users to switch exchanges.
The Swyftx portfolio transfer service allows crypto holders in Australia to securely transfer multiple crypto tokens in a single transaction.
Crypto users currently are required to transfer individual assets one by one if they wish to switch platforms.
Chief Operating Officer at Swyftx, Jason Titman, said: “We’ve seen a big uptick in crypto users who want to move their assets to stable, trusted platforms in response to FTX and other recent regulatory enforcements.
“We’re responding to that demand by giving customers an easy and secure option to instantly transfer their crypto. I am proud of the team how quickly they have been able to bring this product to market.”
“We expect crypto asset switching services to become industry standard over the next five years as competition hots up. Even if exchanges don’t build them now, it’s likely that eventually they’ll be mandated by competition regulators. Just as we’ve seen in areas like bank account switching and mobile phone transferability between telcos.”
The portfolio transfer feature will initially allow Australian customers at two exchanges – Binance and Coinspot – to switch their crypto portfolios across to Swyftx without any fees. Over the next few weeks, the service will be expanded to include local customers at other global exchanges and smaller domestic competitors.
The one-click portfolio transfer services works by using pre-existing APIs to transfer assets across the blockchain from one exchange to another. The API data is not stored or managed by Swyftx.
Titman said the new service would dramatically reduce the risk of losing crypto by inputting incorrect wallet addresses. It will also mean customers no longer have to transfer their crypto one asset at a time.
“We’re moving into a new, hyper-competitive era in crypto, with lots of exciting innovation and we don’t think the industry should be forcing crypto users to transfer their tokens one by one if they want to move to a new exchange,” said Titman.
“We see the portfolio transfer service as another major step towards bridging the gap in user experience between de-fi and trad-fi.”
Co-founded in 2018 by Alex Harper and Angus Goldman, Swyftx is the country’s top-rated cryptocurrency exchange, providing access to more than 320 digital currencies. The group has grown its customer base across Australia and New Zealand to 660,000. It is an Australian digital currency exchange provider registered with AUSTRAC.