South African cryptocurrency platforms Revix and BitFund are joining forces and, together with Austria’s Coinpanion, have formed a new alternative investment platform called Altify.

“Altify aims to empower people to grow their wealth outside of the stock market through a diverse range of alternative investment opportunities that were once reserved for big institutions and the ultra-wealthy,” the companies said in a joint statement on Friday announcing the formation of Altify. “Alternative investments include asset classes such as private credit (private debt), venture capital, real estate, crypto assets and collectibles.”

In its new form, Altify will continue to offer the crypto investment products that Revix, Coinpanion and BitFund were known for, including a wide selection of ETF-style crypto bundles.

Sean Sanders, founder and CEO of Revix, takes the reins as Altify CEO. The unified entity has more than 80 000 clients and will be headquartered in London, with satellite offices in Vienna and Cape Town.

“Ultimately, our goal is to allow South African investors the opportunity to harness the power of alternative investment, positioning ourselves as the go-to alternative investment platform across South Africa and the bigger Europe, Middle East and Africa region,” said Sanders in the statement.

“While high-net-worth individuals invest an average of more than 20% of their wealth in these alternatives, everyday South Africans are at less than 3%. Our aim is to change this by democratising access to these lucrative opportunities, thereby helping South Africans grow their wealth… We’re engaging with a younger audience, targeting investors aged 25-50, providing them with decades to capitalise on compounded returns that can profoundly shape their financial trajectory,” Sanders said.

Catalyst for Altify

He said the recent downturn in the crypto market acted as a catalyst for the merger and accelerated Altify’s expansion into non-crypto investment options. According to Sanders, these market dynamics have also primed the environment for consolidation among retail investment platforms, especially in the crypto space. “Altify is leaning into these opportunities and is engaging with other investment platforms in the UAE, UK and Europe who could join Altify over the coming months.”

Collectively, Revix, Coinpanion and BitFund have received more than US$250-million in deposits, they disclosed in the statement.

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“The transaction was well supported by both companies’ shareholders, which include well-known names such as Johannesburg-listed specialist investment group Sabvest, CVVC, Founders Factory, Emurgo, High-Tech Gründerfonds and Calm/Storm Ventures, as well as angel investors like MySugr Founder Frank Westermann and business angel ‘Hansi’ Hansmann, among others,” the companies said.