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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

Insights

Week of June 02 – June 08

Todd White
June 11, 2025
DOWNLOAD FULL REPORT

June 02 – June 08 (Published June 11th)

PERSPECTIVES by Todd White

 

29 Crypto Private Financings Raised: $135.4M

Rolling 3-Month-Average: $345.4M

Rolling 52-Week Average: $272.5M

 

We’ve been thinking a lot about payments recently. As highlighted in our latest Architect Insights research on Crypto Payments & Infrastructure: The Strategic Opportunity (link to Part I and Part II), the legacy payment infrastructure suffers from fragmented standards, entrenched participants, and substantial complexity. Blockchain-enabled solutions are poised to solve these issues, and while there is still far to go, adoption is gaining momentum. We remain convinced that the promise of crypto payments will inevitably be realized, but it will take time and further innovation to do so.

 

One area that seems particularly ripe is the management and payment of a globally distributed workforce. The space has evolved significantly over time, driven by numerous technological advancements and shifting workplace dynamics. The early days of telecommuting in the ’70s and ’80s were hampered by slow connectivity and very limited tools for scalability. While technological advancements such as broadband connections, cloud computing, real-time communications, and SaaS tools for collaboration and project management certainly helped, remote work largely remained a niche phenomenon concentrated in tech and consulting roles. This of course changed dramatically during COVID, with remote working becoming the norm and many employers now embracing remote work, expanding international workforces, and leveraging freelancers and remote hubs. Yet technical pain points abound, including asynchronous communication across time zones, inconsistent or outdated hardware and software solutions, and fragmented system integration, accompanied by nearly ubiquitous cybersecurity risks. Logistical challenges are also pervasive for organizations that must navigate different cultural styles, multiple languages, and legal compliance with local tax and labor laws. Finally, the ability to efficiently and compliantly pay remote workers is paramount.

 

Labrys.tech is a London-based company building infrastructure to manage globally distributed teams. Its flagship product, the Axiom platform, is an enterprise management platform that integrates onboarding, compliance, geospatial tracking, and encrypted communications for managing distributed teams in real time. Axiom combines stablecoin payments and blockchain verification with other technologies such as biometrics, geotagging, device verification, and AI-enabled translation that supports 249 languages to address the unique challenges faced by globally dispersed teams in sectors such as humanitarian aid, defense, crisis response, and logistics. Payments made through the platform are fully auditable and programmable, reducing compliance risks and the need for intermediaries, and ensuring the transparency and control over funds crucial for operations in sensitive or regulated environments, or even in sanctioned regions where conventional financial systems are inaccessible or untrusted. The use of blockchain also combines tamper-proof identity verification with an immutable ledger for secure and verifiable records of task completion, payments, and communications.

 

The company secured $20 million in Series A funding on June 3, led by Plural Platform with participation from AlbionVC, Project A Ventures, and others. Labrys’ combination of advanced verification, real-time coordination, and blockchain-powered payments in a single, secure platform could present a core use case that helps propel digital payments into broader adoption.

 

Contact ryan@architectpartners.com to schedule a meeting