Alex Harper and Angus Goldman, co-founders of Australia’s second-largest cryptocurrency exchange, Swyftx, have defied the odds in a tumultuous journey that saw their company face near-ruin before emerging stronger than ever. Harper and Goldman’s crypto platform, once recording trading volumes of $3 billion per month, is now thriving again after weathering several storms that threatened its survival.
A Rollercoaster Ride
Back in early 2022, Swyftx was riding high, with investors anticipating a $50 million dividend payout. However, within months, the company encountered a series of challenges that Harper describes as “almost four black swan events.” A failed merger, global market downturns triggered by the collapse of crypto giant FTX, and the need for substantial cost-cutting measures, including significant layoffs, all conspired to test the pair’s resilience.
“We had to respond really rapidly to things that we were not fully in control of,” Harper reflects. “It was the first time in my professional career where I was waking up at three o’clock in the morning worried about work.”
In June 2022, Swyftx had announced a merger with Superhero, a rival platform, aiming to create a wealth management platform with $1.5 billion in assets. By the end of the year, however, the deal was called off, a casualty of rising interest rates and the FTX collapse.
Surviving the Crypto Winter
The challenges continued for Harper and Goldman, with Swyftx being forced to let go of half its workforce as part of two rounds of layoffs. Despite these setbacks, the company reported a net profit of $37 million on revenues exceeding $150 million. Harper, however, found himself under immense stress and sought professional help to cope with the pressure.
“I was unable to switch off,” Harper recalls. “It was quite a funny conversation with my psychologist because I was like, ‘OK, here are my 10 problems,’ and he said, ‘Yeah, that’s pretty reasonable.’ But it was validation for me.”
Harper turned to daily jogging and meditation to manage his stress, crediting these activities with helping him navigate the difficult period. “Just being able to manage your internal thoughts and compartmentalise them,” he says, played a significant role in his recovery.
A Thriving Future
Fast-forward nearly two years, and Swyftx is once again thriving. In June 2024, the company appointed Jason Titman as CEO, with Harper stepping down from day-to-day operations to explore new opportunities while remaining on the company’s board. Under Titman’s leadership, Swyftx continues to support billions in monthly trading volumes across more than 370 crypto assets, including Bitcoin and Ethereum.
Harper is optimistic about the company’s future, noting that Swyftx has weathered the storm and is now well-positioned for further growth. “Jason just absolutely thrived in the challenging environment,” he says. “He was really helping with the strategy, driving the company, and helping me rebuild the culture.”
Looking Ahead
Harper, who recently celebrated his 30th birthday, is now focusing on new ventures in medical technology and renewable energy. He is also keeping an eye on developments in artificial intelligence and how they intersect with Swyftx’s business.
“There’s plenty of opportunities within the business and external to it,” he says, hinting at exciting future prospects.
Founded in 2018, Swyftx has now facilitated more than $30 billion in cryptocurrency trades and expects to significantly increase that figure in the coming years. Despite its challenges, the company has become a household name in Australia’s crypto industry, forming partnerships with major sporting organizations, including the National Rugby League and the Brisbane Lions AFL club.
As Harper and Goldman reflect on their rollercoaster journey, they remain grounded, grateful for the lessons learned along the way. “The whole experience has been incredibly humbling and challenging,” Harper admits, “but also full of growth.”
