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Swyftx Acquires Caleb & Brown
Swyftx Acquires Caleb & Brown

Transaction Overview

On July 1st, 2025, Swyftx, one of the largest Australian cryptocurrency exchanges, announced a definitive agreement to acquire Caleb & Brown, a high-net-worth-focused crypto brokerage, for an undisclosed amount.

 

Target: Caleb & Brown

Caleb and Brown is a Melbourne-based, high net worth focused crypto brokerage that specializes in personalized trading services across the digital asset landscape. Caleb & Brown focuses on the relationship model used successfully across traditional  financial services – every client that comes onto their platform gets assigned a broker to assist them in executing trades  and handling all customer service needs. Caleb and Brown’s core services include 1) Brokerage Services, which provide personalized 24/7 trading support for 250+ digital assets, 2) an OTC Desk, which provides high volume trading solutions with deep liquidity and competitive pricing, 3) the Caleb and Brown Asset Management, an actively managed crypto asset fund for accredited investor, 4) crypto custody. 

 

The business has more than AUD $2 billion of digital assets under custody and was founded by Rupert Hackett and Dr. Prash Puspanathan in 2016. C&B is led by CEO Jackson Zeng and has 64 team members across both Australia and the US. Caleb & Brown has not raised any outside capital. 

 

Architect Partners’ Observations

Architect Partners acted as the exclusive financial advisor to Caleb & Brown. 

 

Swyftx’s acquisition of Caleb & Brown marks the largest acquisition targeting high net worth crypto investors. It also reflects two important shifts in the evolution of crypto exchanges, particularly within the ANZ region.

 

First, high-net-worth client service is becoming a strategic differentiator. Exchanges are beginning to recognize that personalized brokerage and deep client relationships offer a competitive advantage while greatly reducing attrition. This is a model that high-net-worth clients are accustomed to in their financial lives. Caleb & Brown’s approach, which assigns a dedicated broker to every client, stands apart from the high-volume, low-touch models that dominate the market. Swyftx gains access not only to clients but also to an established business model that emphasizes trust, service, and retention in a way few crypto exchanges have pursued.

 

Second, this is a milestone moment for ANZ crypto M&A. While there have been many plays for global expansion by exchanges, this is the first of its kind in Australia moving into the US, signaling that the region is entering a more active phase of market maturity. 

 

We believe this transaction will serve as a catalyst for further strategic activity to expand globally and to augment services as companies seek differentiation in both product and customer segments.

 

Strategic Rationale

Swyftx is acquiring Caleb & Brown to expand into the United States via C&B’s regulatory framework, and to acquire the relationship model inherently required with a higher-tier customer base. This acquisition will grant Swyftx entry into the U.S. 12 to 24 months faster than otherwise possible organically. Furthermore, the acquisition diversifies Swyftx’s primarily retail client base to include 25k+ high net worth individuals in numerous countries. 

 

“Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential.” – Jason Titman

Crypto Public Companies Snapshot

Crypto Public Companies Snapshot

Ryan McCulloch
August 1, 2025
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PayPal’s latest quarter marked a turning point: after years of tentative steps, PayPal is working to transform crypto assets into a global, widely accepted form of payment.

 

Historically – Laying the Foundation

  • October 2020: PayPal allowed U.S. users to buy and sell select crypto assets
  • March 2021: Added “Checkout with Crypto,” converting crypto to fiat for consumers at checkout
  • August 2023: Launched PYUSD, its own dollar-backed stablecoin

 

Today – Putting It All Together

With the recently improved regulatory clarity in the United States, PayPal now offers a PYUSD stablecoin payment alternative for merchants and consumers. CEO Alex Chriss told investors, “A big part of the future of commerce will be on-chain, and PYUSD will help power that journey.”

 

PayPal announced two new major products in the past month. Pay With Crypto allows merchants to accept 100+ crypto assets for payment, featuring $0.99 per-transaction fees while also offering 4 percent yield on balances held in PYUSD. Second, PayPal is building a PYUSD-enabled network of digital wallets branded PayPal World. Naturally, this links PayPal-owned platforms like PayPal and Venmo along with other third-party wallets via an API, providing a common settlement rail for both domestic and cross-border spending and P2P payments.

 

Tomorrow – Building the First Global Payment Rail

PayPal is positioning itself to be the center of merchant and cross-border payments, using PYUSD and its already well-established network of merchant and consumer users. Global business and consumer payment volumes represent $148 trillion in annual volume. PayPal believes that by offering low-cost rails running on a reliable and secure network, and by letting merchants and customers earn yield, it will achieve market dominance.

 

PayPal now joins Stripe | Bridge, BVNK, Coinbase, global banks, and other payment companies that are rapidly positioning themselves.