ARCHITECT SUCCESSES

SEE ALL
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

Insights

Week of July 8 – July 14

Glenn Gottlieb
July 18, 2024
DOWNLOAD FULL REPORT

31 Crypto Private Financings Raised ~$171M 

Rolling 3-Month-Average: $213M

Rolling 52-Week Average: $199M

 

Partior is a blockchain-powered platform that was created to provide the global financial infrastructure with unified clearing and settlement. Developed as a joint venture between JP Morgan, DBS Bank, and Standard Chartered, Partior leverages distributed ledger technology to create a “global unified ledger” that enables real-time, cross-border, multi-currency clearing and settlement for banks and payment service providers. The platform’s key strength lies in its ability to facilitate atomic settlement, where all legs of a trade, including currency and securities, are exchanged simultaneously, significantly reducing settlement risk and operational complexities associated with traditional sequential processing methods.

 

The value proposition of Partior extends beyond mere efficiency gains. By providing a shared ledger that enables transfers with real-time settlement finality, the platform offers instant liquidity and transparency to its users. This is particularly valuable for emerging market currencies and cross-border transactions, where settlement risks and operational inefficiencies have historically been more pronounced. Partior’s network can interoperate with real-time local currency payment and RTGS systems globally, offering enhanced liquidity management and 24/7 availability. This interoperability positions Partior as a potential game-changer in the financial industry, bridging the gap between traditional banking systems and the emerging world of digital assets.

 

As the financial industry continues to evolve towards more digital and interconnected systems, Partior’s blockchain-based approach positions it well.  The platform’s recent successful proof of concept for foreign exchange PvP settlement, involving major banks like JP Morgan, DBS, and Mizuho, demonstrates its potential to address critical settlement risks in the FX market. With its ability to automate settlement processes through smart contracts and unlock new business opportunities, particularly in emerging markets, Partior is poised to play an important role.

 

This $60 million Series B funding, led by Peak XV Partners, with participation by Valor Capital Group, Jump Trading Group, and existing investors, JPMorgan, Standard Chartered, and Temasek, further underscores investor confidence in its vision and potential to drive meaningful change in the industry.