Australia is the fourth most crypto-obsessed country in the English-speaking world, according to a new study conducted by cryptocurrency price tracker CoinGecko.
The research underpinning the study examined Google Trends data of search terms frequently used by people interested in cryptocurrency. These terms were then tallied to give each English-speaking nation a “total search score” to ascertain which of them had been the most interested in cryptocurrency since the recent market decline, which began in April 2022.
Top 5 English-speaking countries ranked for their interest in crypto. Source: CoinGecko
Nigeria, Kenya Lead African Charge
With a total search score of 371, Nigeria topped the list for its population registering the highest search levels for the phrases “cryptocurrency”, “invest in crypto” and “buy crypto” worldwide. Additionally, the third-highest number of searches for “Solana” were also made from within Nigeria. This was not surprising considering the West African nation’s central bank ordered financial institutions to ban crypto firms from the banking sector in February last year.
Kenya was the highest-ranking English-speaking country in Africa after Nigeria, with a score of 143 placing it at number 15 overall.
UAE, Singapore Top UK, US Well Down the List
Crypto hotspot the United Arab Emirates (UAE) ranked second in the study with a total search score of 270 – more than 100 points behind Nigeria. The UAE edged out Singapore for its searches of “cryptocurrency” and “invest in crypto”.
Singapore had the third-highest level of searches for the term “buy crypto” and its citizens searched for “Ethereum” more than anyone else, with the South-East Asian city state recording a total search score of 261. Australia (218) crept into fourth spot with a strong showing in the search terms “invest in crypto” and “buy crypto”.
Next in the rankings was the UK (198), with the US surprisingly well down the list in 12th place overall (total score 157), ranking 10th in search levels for the term “buy crypto” and sixth in its interest in “Solana”. As for the UK, Bitcoin, Ethereum and Polygon were the highest trending crypto terms.
Bobby Ong, chief operating officer and co-founder of CoinGecko, noted a major correction from previous bull cycle highs, resulting in what he termed significant price drawdowns in an unforgiving macroeconomic environment.
This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks. The countries at the top of this list appear to be keenest to buy the dip and highlight their long-term outlook for cryptocurrencies.
Bobby Ong, chief operating officer and co-founder, CoinGecko
Topsy-Turvy Results on Surveys Front
To compare and contrast, it’s interesting to note Australia’s performance in two other recent crypto surveys, results of which were published last month:
However, data from the United Nations Conference on Trade and Development, released a week earlier, showed that only 3.4 percent of Australians own crypto, placing the country last in a list of 20.
A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray
The Australian Securities Exchange’s blockchain replacement for clearing system CHESS (Clearing House Electronic Subregister System) has been delayed for a fifth time, with tech consultants Accenture engaged to conduct an independent review.
The review is at the behest of new ASX CEO Helen Lofthouse, who succeeded Dominic Stevens on August 1.
Helen Lofthouse, newly appointed ASX CEO. Source: asia.nikkei.com
“More development is required than previously anticipated to meet ASX’s scalability and resilience requirements for the application,” an ASX spokesperson said this week.
Five Years, Five Delays
The latest delay comes less than six months after the fourth setback in March was blamed on Digital Asset (DAM), the New York-based firm building the software. At that point the upgrade had already cost a rumoured A$187 million since DAM began development of the project in late 2017.
The CHESS replacement underwent initial testing in December 2021, with the clearing and settlement system at that point set to go live in 2023. ASX has now revised that prediction to late 2024 “at the earliest”, with a more specific date to be determined following Accenture’s review, which is expected to take 12 weeks and will be released publicly.
The review will closely examine the CHESS application software provided by Digital Asset, though the blockchain platform provided by VMware and other infrastructure that underpins the CHESS replacement system will not be included in the review.
Potential Conflict of Interest?
Curiously, Accenture is an investor in Digital Asset, contravening the stated purpose of the review – which is an independent set of eyes. On the other hand, the two parties need to be seen to work together for the review to succeed.
The Australian state of Victoria has this week introduced new laws allowing the seizure of assets including crypto if criminals are caught with guns or drugs.
Under the legislation, a conviction for possessing a trafficable quantity of firearms, as well as drug and sexual offences, will trigger the automatic forfeiture of assets, including cryptocurrencies.
Jaclyn Symes, Attorney-General of Victoria. Source: bendigoadvertiser.com.au
According to Victoria’s Attorney-General, Jaclyn Symes, the proposed new legislation will “better reflect the realities of modern policing”.
These reforms will provide law enforcement with greater opportunities to confiscate proceeds of crime, ensuring there’s no payday for criminals.
Jaclyn Symes, Attorney-General, Victoria
Crypto Exchanges Forced to Provide Customer Information
Cryptocurrency exchanges will be compelled to hand over information about suspects much in the same way as banks are able to seize digital wallets. Powers to obtain electronic data from computers and storage devices, and authorising specialised tradespeople such as locksmiths to search a criminal’s property, will also be facilitated.
Intelligence officers would also no longer need the approval of the Chief Commissioner of Police to investigate online predators, making it easier for police to assume fake identities to infiltrate online child grooming profiles.
Court oversight of search warrants would be streamlined under the reforms, though Victoria Police has issued assurances that “safeguards would remain in place”.
These would include court directions that seized items – including cryptocurrencies – be returned to owners. Victims of crime will also be eligible for more compensation from the proceeds of forfeited property. Whether that also includes crypto was not specified.
Former China-based crypto exchange Huobi Global is free to offer its services Down Under after successfully registering as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC):
BIG NEWS!👏
🇦🇺 We are proud to announce that #Huobi Group has registered as a digital currency #exchange provider with the #Australian Transaction Reports and Analysis Centre (@AUSTRAC), a steady and solid step into the market.
After also obtaining licences in New Zealand and the United Arab Emirates in June, Huobi is now eyeing a move into the US market. An American subsidiary, HBIT, was established last month and Huobi has already received a Money Services Business licence with the intention to launch full exchange services in the US down the line.
Following China’s most recent crypto crackdown in late 2021, Huobi was forced to relocate to Gibraltar. The company has since opened offices in Japan and South Korea, though it has struggled to obtain a foothold in Thailand, having to shut down after failing to comply with Thai Securities and Exchange Commission regulations.
Last month, Huobi was given permission to operate in Dubai. The Hong Kong Securities and Futures Commission also granted the exchange a trading licence two weeks ago.
Huobi Starts With OTC Services in Australia
In Australia, Huobi will initially offer fiat to cryptocurrency trading. Lily Zhang, the company’s chief financial officer, stated that the local office would concentrate on OTC services:
We have always made security and compliance our highest priorities, as we believe that only under this principle can we grow alongside the industry to provide professional and secure services to our users.
Lily Zhang, CFO, Huobi Global
Since it was founded in 2013, Huobi has been delivering digital asset services to more than a million customers worldwide. That number is set to expand exponentially should the US open its doors.
If you are new to the crypto world, you may be wondering what the best Bitcoin trading sites are in Australia. There have been an increasing number of cryptocurrency exchanges come online in recent years, but which ones are the best? In Australia, there are a variety of exchanges you could use but to help make your choice easier, here is a guide on what we think are the top 10 Bitcoin trading sites in Australia.
Before we begin, these trading sites are not a definitive list of all sites, and they are chosen based on determining factors such as site performance, security, fees, support, etc.
Must read >> Our article on The Best Crypto Exchanges for Australia, in which we go into greater detail on which exchanges might be suitable for trading bitcoin and other cryptocurrencies, deposit methods, and our top picks for beginners and advanced traders.
1. Swyftx
Swyftx is an Australian-based crypto exchange where you can buy, sell and trade 300+ crypto-assets. Swyftx is an AUSTRAC registered Australian cryptocurrency exchange and trading platform with tiny spreads, low fees and non-inflated market prices. Trade with stop losses, take profits and triggered orders on a mobile and desktop-ready modern web-based cryptocurrency exchange.
2. Binance Australia
Binance Australia is one of the most popular trading sites for Australia and worldwide. Residents of Australia are able to use the Binance website and mobile apps to trade Bitcoin with other cryptocurrencies. Many people use Binance for trading as it has a trusted reputation worldwide and low fees, high trading volume, and lots of crypto trading pairs.
3. CoinJar
CoinJar is a very well-known exchange in Australia and the reason it is so popular is due to the fact you can purchase Bitcoin via BPAY for a fee of just 1%; it’s PayID supported, Credit/Debit card supported, with 0% trading fees on CoinJar Exchange. People say that CoinJar is very easy to use as it has a clean interface, making it simpler for beginners. The platform has a good reputation and has been around for a long time (since 2013), so Aussie locals find it trustworthy. CoinJar supports AUD and GBP fiat currencies and supports up to 24 different cryptos.
4. Crypto.com
Crypto.com Exchange is provided by one of the world’s fastest-growing exchanges with over 10 million users worldwide. The exchange allows you to buy, sell and trade more than 100 cryptocurrencies via your web browser. The exchange is linked to the crypto.com mobile app so you can transfer coins from the app to the exchange for trading.
6. Zipmex
Zipmex is a regulated digital asset exchange in Australia offering high liquidity, low spreads, instant fiat deposits and withdrawals. Their platform has trading fees as low 0.2% per transaction and your digital wallet assets are also insured for up to US$100 million through BitGo.
6. Changelly
Changelly will allow you purchase Bitcoin; however, it will only let you buy it with Litecoin, Dogecoin, and other digital currencies. The benefits of using this service is that it is fast and easy to buy Bitcoins with Altcoins, also the fees are reasonable for bigger traders. The only disadvantage is that you need digital currency to purchase Bitcoins.
7. BuyaBitcoin
BuyaBitcoin is an Australian Bitcoin exchange, and you can use it to purchase Bitcoin. The pros of using this service are that your coins will be delivered within an hour; also, the only way to verify is via a mobile number, to increase security. The service is also easy to use and has very fast performance. However, many people have said that the fees (4.9%) are too high.
8. Coinmama
Coinmama is a great Bitcoin trading site as it allows customers in nearly every country to purchase Bitcoin with a debit or credit card. Coinmama is seen to be a reliable and a trusted broker, although it has some of highest fees for a credit or debit card Bitcoin broker.
9. LocalBitcoins
LocalBitcoins is a service that helps you match Bitcoin buyers and sellers, and the main payment method for purchase is cash deposit. On the other hand, users will be allowed to advertise exchanges for the payment method they prefer. LocalBitcoins allows users to purchase Bitcoins via an in-person meeting while the transaction is being facilitated and secured by LocalBitcoins. The advantage of using LocalBitcoins is that private and in-person exchanges require no personal information. However, among the disadvantages are that you have to beware of scammers and it is more difficult to purchase larger amounts of Bitcoin compared to larger exchanges.
10. Coin Loft
Coin Loft is an Australian broker enabling you to purchase Bitcoin via credit card, cash deposit, POLi, and Flexepin. Using Coin Loft can be beneficial in various ways – when you purchase Bitcoin with cash, your coins will be delivered within an hour. It also supports a wide range of payment methods and is the only Australian service that accepts Flexepin. The disadvantage is that it has rather high fees, such as a 4% fee for cash purchases and 9% cumulative fee for credit card purchases. You will also have to verify your identity even for cash payments.
11. Mycelium Local Trader
Mycelium Local Trader is similar to LocalBitcoin in that it will help you find your local Bitcoin sellers. Once it has matched you with your seller, you will then meet up in-person and begin the trade. The benefit of using this service is that there are no fees, so it is cheap and easy to purchase Bitcoins with cash. It’s also a private way to purchase Bitcoins as no personal information is required.
Think we might have missed one? Please let us know and we will add it to the list.
Read More on Crypto News Australia
The world of cryptocurrency is constantly changing. You can stay up to date with the latest Australian Crypto news here. Or, if you would like to learn more about digital currencies, then please visit our Guides section for more tips, advice, and information.
The rapidly growing cryptocurrency market has exploded in value and popularity over the last year. With Bitcoin prices fluctuating heavily, some are now saying it is a great time to buy in ahead of the inevitable bull market.
If you’re ready to get started with cryptocurrency investing, you’ll need to start by purchasing some Bitcoin. It’s the most popular and most trusted coin. This can be difficult and confusing for newer investors, as there are many different ways in which Bitcoin can be purchased.
Recent regulatory crackdowns and geopolitical issues around the world have placed Bitcoin under intense scrutiny, which has made it more difficult in some cases for investors to purchase cryptocurrency with fiat currency (such as Australian dollars).
While these events have made it slightly more difficult to buy bitcoin in Australia it’s still relatively easy to buy with the right method. In this guide, we’ll break down the five safest, simplest, and most reliable Australian Bitcoin exchanges.
What to Know Before Getting Started
Before jumping in and buying Bitcoin from any of these platforms, it’s important to ensure you understand how a Bitcoin wallet works. In order to receive your Bitcoin, you’ll need to provide your chosen Bitcoin broker with a valid wallet address.
You may also want to learn how to keep your coins safe and consider investing in a hardware wallet such as the Trezor or Ledger Nano S if you intend to purchase a large amount of Bitcoin.
There are a number of factors to consider when selecting a Bitcoin broker:
Payment methods: It’s possible to purchase Bitcoin with payment methods such as BPAY. Some platforms allow users to buy Bitcoin in person at a local news agent. Due to recent disruption from the big four banks both POLi and credit/debit card purchases are generally unavailable in Australia, although some highly compliant platforms still provide POLi payments.
Fees: A Bitcoin broker will charge a fee for their service, which will vary from broker to broker.
ID verification requirements: All Bitcoin brokers operating in Australia are required to comply with Know Your Customer and Anti-Money Laundering laws, which means you’ll need to verify your identity before buying. The sole exception to this rule is LocalBitcoins, which makes it possible to purchase Bitcoin completely anonymously with cash in person.
Swyftx is one of Australia’s top-rated exchanges, boasting high TrustPilot scores and offering over 300+ tradeable crypto assets including Bitcoin, Ethereum and Solana. The exchange is highly secure being AUSTRAC registered and ISO27001:2013 certified giving its users peace of mind that their data and investments are safe.
Swyftx is a feature-rich trading platform, one of its stand-out features is its ‘demo mode. This feature lets beginner crypto investors practice trading with US$10,000 in a risk-free simulated environment. Other notable features include recurring orders, trigger orders and price alerts.
Swyftx users can also earn interest on their Bitcoin investments with the exchange’s new Earn feature. This feature lets investors daily rewards on their Bitcoin and other cryptocurrencies when they add it to their Earn wallet. There are no associated fees with Earn and the funds can be pulled out of Earn at any time with no cost.
Swyftx is also great for any investors looking to purchase large amounts of Bitcoin (BTC). The exchange has one of Australia’s top-rated OTC desks, where investors can speak with an industry-leading expert about making high-volume trades over $100,000 AUD.
Payment method
There are numerous deposit methods on Swyftx’s exchange including; PayID, Bank Transfer, OSK, POLi and credit/debit card. Many of these payment methods allow for near-instant transactions.
Fees
Swyftx charges a trading fee of 0.6% which is lower than the Australian average. No fees for charged for deposits or withdrawals.
Independent Reserve is one of the most popular options for purchasing Bitcoin and other cryptocurrencies in Australia and operates as a fully-functional exchange. This means that you don’t need to set up a separate wallet to buy Bitcoin from Independent Reserve as they offer a hosted wallet solution.
Independent Reserve is the first Australian crypto exchange to be insured by a leading global insurer and the first crypto exchange to have an integrated KPMG tax tool.
The identity verification process for Independent Reserve involves uploading both a standard photo ID and proof of address documents as well as an extra step in which new users are required to confirm their account with a security code sent in the mail.
Independent Reserve also provides an easy-to-use exchange that can be used to sell or buy Bitcoin for fiat currencies. Capital generated from the sale of Bitcoin on Independent Reserve can be withdrawn directly to your bank account.
Independent Reserve also supports 13 popular cryptocurrencies including ETH, LTC, BCH, XRP, XLM, EOS, REP, GNT, BAT, OMG, ZRX and PLA, and allows users to trade in USD, AUD and NZD.
Payment Methods:
For AUD deposits, Independent Reserve offers Electronic Fund Transfer (EFT), Osko (PayID), and POLi. SWIFT payments are available for USD and NZD deposits and withdrawals.
Fees:
EFT deposits under $100 AUD are subject to a $0.99 processing fee, while larger deposits are free. SWIFT deposits over $5,000 are free, while smaller deposits are charged a $15 fee. Withdrawals from Bitcoin wallets hosted by Independent Reserve cost 0.0003 BTC. Bitcoin deposits are free, and AUD withdrawals are free. ‘Premium Account’ holders benefit directly from this insurance, the highest levels of support, reduced trading fees, and the very best of the platform.
CoinJar was the first Australian cryptocurrency platform to launch with support from venture capital funding and, like Independent Reserve, offers exchange and hosted wallet services. CoinJar stands out from the crowd with a slew of features that include a dedicated smartphone app and even a “CoinJar Swipe” debit card that allows users to spend cryptocurrency directly in fiat currency.
It’s possible to use CoinJar as a simple hosted cryptocurrency wallet anonymously, but in order to purchase Bitcoin you’ll need to verify your identity by providing proof of identity and proof of address documents.
Payment Methods:
CoinJar supports Blueshyft (which makes it possible to fund your Bitcoin purchases with cash in person), BPAY & PayID (instant deposits via NPP/Osko). As of Oct 2018, they no longer support POLi deposits.
Fees:
BPAY transfers are free from fees on the CoinJar platform while Blueshyft payments are subject to a processing fee of 1.5%. Although the fees are lower than Coinbase, we have found the price of Bitcoin on CoinJar to be slightly more expensive.
Coinbase is the undisputed king of cryptocurrency brokerage, and boasts almost 8 million users around the world. Based in San Francisco, Coinbase is available in 32 countries internationally and supports a selection of cryptocurrencies that includes Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The Coinbase platform is not an exchange, and thus doesn’t make it possible to actually trade Bitcoin, but does offer hosted wallet solutions for all of the aforementioned cryptocurrencies. The Coinbase identity verification process involves both ID and phone number verification, but due to a massive surge in users the verification process is delayed at the moment – some new users are reporting verification times of more than one week.
The biggest drawcard of Coinbase is the simplicity and ease of use the platform offers. Instead of confusing new users with order books and trading screens, Coinbase delivers a straightforward buying process that doesn’t leave much to interpretation. Another drawback is that they restrict how much you can buy per week, with limits increasing with use.
Payment Methods:
As Coinbase is based internationally, it doesn’t support POLi payments. The only way to purchase Bitcoin via Coinbase in Australia is via credit or debit card, which requires identity verification. All Bitcoin purchases made via this method are instant, however.
Fees:
Coinbase charges a rate of 3.99% for all credit and debit card purchases in Australia.
Caleb and Brown is an award-winning digital currency brokerage registered with AUSTRAC. Founded in 2016 with a vision to become the conduit between cryptocurrency and the financial services industry, Caleb & Brown gives clients a sensible means to legally and safely engage in the cryptocurrency market with an experienced brokerage team providing an unparalleled service for both new investors and seasoned traders.
List of services includes: Retail Brokerage – access to over 1600 cryptocurrencies; OTC Trading desk; Cryptocurrency Education; Crypto Security and Wallet Set Up services; Crypto Tax Assessment services; ICO liquidations.
Caleb and Brown specialise in high-volume trading of digital currencies from $5,000 up to $100 million. They are Australia’s only brokerage service that enables same-day trading up to $2 million in purchases prior to banking deposit clearance for verified clients. Caleb & Brown was named FinTech start-up of the year at the 2018 Stockbroker and Financial Advisers Association (SAFAA) conference.
Payment Methods:
Simple bank-to-bank transfer from any local and international banks with KCY/AML verifications. Accepts all major international currencies.
Fees:
Caleb & Brown charges a commission varying between 2%-4% depending on the volume of the trade. NOTE: Caleb & Brown quotes a spot price derived as an average of international exchanges. No further spread is added to the spot price quoted.
BTC Markets is a slightly more complicated cryptocurrency platform geared towards experienced investors and traders. Based in Melbourne, BTC Markets is a full-service exchange and offers hosted wallet solutions.
Purchasing Bitcoin on BTC Markets is slightly more complicated than the other platforms in this guide. In order to buy Bitcoin with BTC Markets, users need to deposit AUD into their account and then trade on the BTC Market BTC/AUD exchange. This process may be somewhat intimidating to newer investors, but does present a range of different order types for experienced investors.
Payment Methods:
BTC Markets supports both POLi payments and BPAY. POLi payments under $500 typically clear within minutes, while BPAY payments can take up to two business days.
Fees:
Depositing AUD into a BTC Markets account with BPAY is free, while POLi payments incur a $3.30 fee.
Digital Surge is a crypto exchange based out of Brisbane, Australia. The exchange is focused on making crypto trading easy for beginners with a simple sign-up and verification process. Digital Surge users can easily track their portfolio and trade Bitcoin thanks to the crypto exchanges’ intuitive and minimalistic interface.
Digital Surge is also one of the cheapest Australian exchanges, offering customers trading fees as low as 0.1%. The exchange also has numerous trading features like price alerts, recurring orders and trigger orders. Users can also earn daily interest on 12+ cryptocurrencies thanks to Digital Surges’ new staking feature.
Payment Methods:
Digital Surge accepts payments via BPAY, POLi and PayID. The exchange currently does not accept credit card payments or bank transfers.
Fees:
All purchases made through Digital Surge come with a transaction fee that ranges from 0.1 to 0.5% depending on trade volume.
CoinTree is an Australian cryptocurrency exchange that allows users to purchase Bitcoin as well as trade a variety of different altcoins. Like Coinbase, CoinTree is designed with ease of use in mind and is geared towards newer cryptocurrency investors.
CoinTree has been in operation since 2013, and has gathered a significant amount of support in the Australian cryptocurrency community. The CoinTree platform also provides users with hosted wallet solutions.
Interestingly, CoinTree also makes it possible to pay bills using Bitcoin. Users are able to pay any common Australian bill by entering the biller code and customer reference number into the platform. CoinTree then provides the total converted rate into Bitcoin and pays the bill, fee-free.
Payment Methods:
CoinTree allows users to deposit cash directly into their account at any Australian bank, as well as POLi payments. Credit card or debit card purchases are not currently supported.
Fees
CoinTree offers extremely simple fees – all Bitcoin transactions are charged a 3% rate, while all other transfers are free.
CoinSpot is an Australian FinTech company founded in 2013 with a well-regarded reputation and customer service. CoinSpot also provides a competitive affiliate program receiving 25% of the commission fees they take on anyone you refer to them.
In terms of use, its website is clean and is fairly easy to use and buy Coins, with Bitcoin and more than 20 coins listed. But like most other exchanges here you cannot trade coins, only buy and sell. If you want to trade other coins, you’ll have to transfer your Bitcoin to an exchange such as Binance.
Payment Methods:
POLi, BPAY and Cash.
Fees:
For Bitcoin and Litecoin, the fee is 0.9% and for other coins it’s 2%-3% depending on the coin.
LocalBitcoins is wildly different from the other platforms presented in this guide. Using LocalBitcoins it’s possible to purchase Bitcoin completely anonymously with cash in person, but it can be somewhat riskier.
LocalBitcoins is essentially a marketplace that allows individuals to either buy or sell Bitcoin in person with cash or via bank transfer, PayPal, and many other payment methods. To buy Bitcoin on LocalBitcoins you’ll need to search for sellers in your local area and select your payment method.
LocalBitcoins provides users with a hosted wallet. When purchasing Bitcoin, a seller will place Bitcoin in escrow with the LocalBitcoins platform. When payment is complete the seller will release the escrow to the buyer’s wallet. If you decide to use LocalBitcoins to purchase Bitcoin anonymously, always be sure to check the seller’s profile page for positive feedback.
Payment Methods:
Cash, Paypal, Bank Transfer, Western Union, BPAY and more.
Fees:
The price of Bitcoin on LocalBitcoins is determined by the seller and varies wildly. You may find that purchasing Bitcoin anonymously is more expensive than using a more reputable broker platform. LocalBitcoins also charges a fee when Bitcoin is transferred to another wallet from their hosted wallet. An explanation of LocalBitcoins’ outgoing Bitcoin transfer fees can be found here.
Final Thoughts
Despite heavy resistance from incumbent financial institutions and major price fluctuations, Bitcoin is here to stay. Whether you choose to purchase Bitcoin from an exchange, a broker, or from an anonymous stranger, always be sure to remain cautious and keep your cryptocurrency details highly secure.
Melbourne-based Australian crypto gaming startup Immutable has this week laid off at least 20 staff, many of them core members of its NFT trading card game, Gods Unchained.
News of the redundancies hit social media when one of the game’s original developers, James Wakeham, tweeted he’d been tapped on the shoulder and was now looking for work:
Bad news, me and a bunch of people just got made redundant at Immutable. I'm a senior level game designer with 7+ years experience and 4+ years leading the design on a live service TCG. Any help with jobs would help a lot. DM me. Help me feed my cat Oscar! (Oscar not need a job) pic.twitter.com/LQVgdRmKhv
The layoffs, which affect an estimated 6 percent of Immutable X’s total workforce, were jointly announced by recently appointed chief studio officer Justin Hulog and Immutable CEO and co-founder James Ferguson. Staff on leave were given just 24 hours’ notice to attend a meeting at which the pink slips were handed out.
Exponential Growth Gives Lie to Layoffs
Despite the layoffs, Immutable X appears to be growing exponentially. A spokesperson for the company said it had more than doubled its full-time headcount from 120 at the beginning of the year to 280, with plans to reach 360 by the end of the year.
Regarding this week’s layoffs, the spokesperson added that the company had “made a difficult choice” in conducting “a small reorganisation within Gods Unchained to help better enable us to achieve our goal of creating the next generation of Web3 games”.
That said, Gods Unchained’s player base has more than halved since early April from 22,000 unique players logged into the free-to-play game down to 10,000, as per data from Cards Unchained, a privately run site tracking the game. Immutable’s cryptocurrency token, IMX, which is used to trade assets in Gods Unchained, has also seen its value fall from about US$11 in November 2021 to just above $1.
However, according to a bullish internal memo circulated among Immutable staff this week, a reallocation of resources would see the company investing in roles to enable Gods Unchained to scale “to millions of players over the next year”.
Immutable X Still Aggressively Hiring
Post-redundancies, the only remaining workers on Gods Unchained are junior and C-suite staff. However, Immutable is looking to hire a creative director and UI (user interface) designer specifically for the project, as well as listing 22 other general vacancies for remote workers across Australia.
The Australian consumer price index (CPI) has risen to 6.1 percent for the 12 months ending June 30, the country’s highest inflation level since June 2001:
— Australian Bureau of Statistics (@ABSStats) July 27, 2022
Just over a year ago, some raised alarm bells as the CPI increased to 3.8 percent. At the time, academics provided a host of reasons not to worry, and this view was supported by the Reserve Bank of Australia (RBA), which expected inflation to reduce to 1.5 percent in 2022. As it turns out, the projections were all wrong.
According to the latest report by the Australian Bureau of Statistics (ABS), the CPI has risen by 1.8 percent over the past quarter and 6.1 percent over the past year.
CPI fluctuations over the past decade. Source: ABS
Of course, the CPI metric is in itself not uncontroversial, since virtually everyone has a different rate of inflation depending on levels of income, consumption habits, location and the like.
Furthermore, when the method of calculating inflation changes, as it frequently does, it almost never results in an increase in CPI, only a decrease. Cynics would call that political expediency.
Transport, Housing Largest Contributors to CPI
Notwithstanding, a weighted average across Australia’s capital cities provides insight as to the largest overall contributors to the official CPI figure, most notably transport (13.1 percent) and housing (9 percent):
Weighted average of eight capital cities. Source: ABS
Australian Treasurer Jim Chalmers described the latest inflation figures as “confronting”, adding that things would likely get worse before improving:
These numbers are obviously for the June quarter, and there is price pressure to follow the period that we are learning more about today.
Jim Chalmers, Australian Treasurer
Given the current inflationary pressures, the RBA is expected to once again hike interest rates next week, with analysts pointing to 0.5 percent and 0.75 percent as being the most likely increases.
Crypto Market Rises
Across the pond, shortly after the US Federal Reserve increased the federal funds rate, the overall crypto market lifted from around US$970 million to just shy of US$1.05 trillion at the time of writing.
BTC and ETH both posted strong overnight gains of 9 and 12 percent respectively, amid growing signs that the broader crypto market contagion may be somewhat contained.
Nonetheless, the broader macro environment remains uncertain and highly volatile. In the short to medium-term, however, it remains to be seen whether this latest relief rally is an indicator of a market sentiment shift or merely a temporary respite from the biting crypto winter.
Anti-counterfeit tech company Security Matters will delist from the Australian Securities Exchange and merge with a SPAC (special purpose acquisition company) on the Nasdaq in a deal that will increase its value more than 14-fold:
Blockchain recycling firm SMX sees valuation skyrocket 14 fold in SPAC listing . Blockchain startup Security Matters (SMC) is listing on Nasdaq through a SPAC merger. Its valuation has increased 14 fold overnight.
The soon-to-be merged Security Matters and Nasdaq-listed Lionheart III, a new company to be known as SMX, will be registered in Ireland. Together, both companies command a pro forma equity value of US$360 million (A$518 million).
As part of the deal, Security Matters was valued at US$200 million on a pre-revenue basis – a huge increase on its A$18.3 million (US$12.7m) market capitalisation on the ASX.
Specialist in Digital Markers
Originally a blockchain startup focusing on traceability for recycling and the circular economy, Security Matters has developed a molecular marker that permanently marks solids, liquids and gases to enable identification. That marker then allows a digital twin to be stored on the blockchain, which can be used for authenticating products or providing traceability.
The company has also developed conveyor belt technology to read digital markers for sorting and recycling facilities. Its previous joint ventures include assisting Western Australia’s Perth Mint to track gold and ensure the supply chain is ESG-compliant.
Nasdaq Places Higher Value on SMX
Security Matters CEO Haggai Alon said the business had been undervalued by local investors, who still favoured natural resources-based companies. “The Nasdaq, perhaps the most liquid market in the world, emphasises technology and other high-growth sectors like ours,” Alon told the Australian Financial Review.
We are on the precipice of commercialising our technology across a number of large global markets – from gold to food and wine, to fashion, rubber and plastics – and the valuation reflects that.
Steve Vallas, the CEO of Blockchain Australia, has announced via a LinkedIn post that he will step down from his position, leaving the company without an immediate replacement.
Vallas will officially depart Blockchain Australia on July 29, after originally declaring he would step down as CEO in a LinkedIn announcement posted three months ago.
In both his resignation posts, Vallas recognised his board (past and present), making special mentions of those who had played key roles during his time at Blockchain Australia. He also shared some kind words regarding the mission of his company and the industry:
The future of the blockchain industry is extraordinarily bright and it’s been a privilege to play a part in this development.
Steve Vallas, original resignation announcement
Vallas’s initial resignation post stated that the “formal search for a new CEO [would] begin shortly”. However, Blockchain Australia has yet to find a suitable replacement for Vallas, leaving the position vacant on his exit.
Blockchain Australia was not Vallas’s only duty. He remains deputy chair of the National Blockchain Roadmap Steering Committee, as well as vice chair of the ASEAN (the Association of South-East Asian Nations) Blockchain Consortium. He also holds a position on the ASIC Digital Finance Advisory Panel, advising on financial and regulatory technology matters.
Blockchain Australia Operations
Blockchain Australia has taken multiple influential steps toward improving the sector over the past two years. In February 2021, the organisation terminated the membership of Gold Coast-based cryptocurrency Qoin. The reasoning behind this was outlined in a Notice of Member Disciplinary Resolution, which stated that Qoin had been targeting retail merchants across Australia.
Following this, Blockchain Australia began seeking “safe harbour” for crypto businesses as regulatory uncertainty ran rampant. The organisation petitioned for clarity regarding the regulatory framework for cryptocurrencies in Australia and, alongside industry-related partners, it recommended a set of regulations to the federal government with hopes of addressing these issues.
