Finder, an Australian company described by Swyftx CEO Jason Titman as "one of the iconic names in Australian crypto," is shutting down its cryptocurrency operations. The firm has inked an agreement with new Australia-based exchange Swyftx to migrate all its users to the digital assets exchange. Finder began notifying customers of the impending closure, which is scheduled for June 19. This upcoming shutdown will include the departure of the “Wallet” tab from the Finder App.

The decision to withdraw from the crypto market comes after recent months of cutting back business operations and staff, laying off 60 employees among other cutbacks. This is the third time that Finder has laid off staff in just over a year’s time.

Finder co-founder Fred Schebesta, a cryptocurrency evangelist and self-proclaimed "Crypto King of Australia" and a venture capitalist, stepped away from his role as co-CEO in 2022. In recent years, Finder itself faced regulatory pressure for its crypto products.

Before the full collapse, Finder had shuttered its fixed return stablecoin offering, Earn, which had debuted in 2021.

"We were first to market with this groundbreaking ‘Bitcoin for beginners’ product and we are excited to see our customers provided with an easy way to join the Swyftx platform." - Fred Schebesta

Swyftx, a Brisbane-based company launched in 2018, recently acquired Easy Crypto in New Zealand, expanding its customer base by more than 1.1 million.

"Customers who choose to take advantage of our offer to assist their migration to Swyftx will find a wonderful new home that will be familiar in many ways, and expansive in others." - Fred Schebesta

"We’ve worked with Wallet Ventures to ensure their customers have a simple and safe pathway to move to Swyftx if they need to." - Jason Titman