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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

Snapshots

Week of September 11 – September 17

Michael S. Klena
September 20, 2023
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33 Crypto Private Financings Raised ~$138M

33 Crypto Private Financings Raised ~$138M

Rolling 3-Month-Average: $144M

Rolling 52-Week Average: $201M

 

Segment Overview

Deal count is up this week, although capital invested is down on a relative basis.  There are about 10 raises that didn’t report amounts, but I suspect they are on the smaller size.  This is a marker for earlier deals & smaller sizes overall.  Large raises and later stage remain few and far between.

 

Selected Highlights 

Mocaverse raised $20MM via SAFE notes, led by CMCC Global with six other investors tagging along. Mocaverse is a project under Animoca Brands, the sprawling gaming and metaverse firm, and is building identity based tools for Web3. It will combine identity with a loyalty program opening its use to the wider Animoca universe.  It also has a DAO based structure.

 

Why Notable?  Animoca Brands is an very active investor, with over 450 investments in various firms. Notable for bringing in other investors to further this project and striving for a network effect.  

 

Fipto raised €15MM led by Serena.  Fipto is a French fintech focused on payments, specifically using blockchain based digital assets for payments.

 

Why Notable? We continue to highlight real world use cases of blockchain beyond trading, and we’re seeing more activity in the payments space.  Friend of Architect Partners, Orbital (getorbital.com), for example, has expanded their product a few years ago with digital asset payments, and has seen its use explode.  All for the simple reason that it’s cheaper & less friction to move assets/monies globally.

 

OrangeX raised $10MM led by Kryptos Research with four other investors chipping in.  OrangeX is a relatively new crypto exchange, launched in 2021.

 

Why Notable? OrangeX has specifically stated the funds will go towards regulation frameworks. Trust is paramount for exchanges, and embracing regulation is a key aspect.  While there is a slow march to regulatory clarity, particularly outside of the US, it is not well defined despite 10 years of activity.  As noted previously, an exchange attracting capital in this environment is a feat in itself.

 

Patterns  

Broken record, but the catch-all “Infrastructure” remains the main segment. Gaming has been bubbling up lately as a sector, and in all forms.

 

Conferences  

We will be at Mainnet (Sept. 20-23).  If you will be there, let’s schedule time to connect.