The demerger will take place via a management buyout that will return Superhero to the ownership of its founders John Winters and Wayne Baskin and other backers.
Winters said the demerger was in the best interest of the companies and their customers.
“The volatility in the market as well as the current regulatory environment has made it increasingly difficult to achieve the initial vision that inspired the merger earlier this year.”
Alex Harper, who co-founded Swyftx with friend Angus Goldman, described the demerger as a disappointing outcome.
“Ultimately, we took this decision in the best interests of both Superhero and Swyftx, as well as their customers.“
“The policy environment has changed significantly since we announced the merger and neither party has been able to realise the vision of the merger in any meaningful way.
Harper added that the merged group was facing the prospect that there would be no realised benefits from the tie-up until 2024 at the earliest.
“Under these circumstances, we felt it best to focus on our core offering,” Harper said. “The decision puts Swyftx in a strong position and frees us up to focus on consolidation and growth opportunities in digital assets.“
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