Stacked, a four-person Bitcoin company formerly known as Lightning Pay, has launched a self-custodial Lightning wallet as New Zealand's cryptocurrency exchange landscape consolidates around custodial models. The move positions the company as potentially the country's last major non-custodial Bitcoin exchange following recent industry mergers and closures.
Market Consolidation Shapes Employment Landscape
New Zealand's cryptocurrency sector has experienced significant consolidation, reshaping the competitive landscape and employment dynamics. EasyCrypto, a popular swap exchange that operated similarly to Bull Bitcoin's model, was recently acquired by SwyFTX and shut down, redirecting users to the parent company's custodial platform. Other major players like Sharesies have adopted the Robinhood approach, offering only custodial services without self-custody withdrawal options.
This consolidation trend has implications for blockchain professionals seeking roles aligned with self-sovereignty principles. While larger exchanges pursue custodial models, Stacked's co-founder and CRO Simon indicates the company believes this direction contradicts Bitcoin's fundamental value proposition.
Technical Implementation and Product Features
The new Stacked wallet integrates Breez and Spark SDKs to provide Lightning Network functionality with a user-focused interface. Key features include:
- Manual and automated Bitcoin purchases through "Autostack," a dollar-cost averaging tool
- Direct utility and rent payments in Bitcoin, settled via New Zealand's Open Banking framework
- Contact management for peer-to-peer payments with fiat settlement options
- Full integration with Stacked's existing swap exchange
New Zealand's tax structure treats Bitcoin profits as income rather than capital gains, potentially creating more favorable conditions for Bitcoin adoption compared to jurisdictions with capital gains frameworks.
Regional Focus and Market Opportunity
Stacked concentrates efforts on the Bitcoin Basin initiative in Queenstown, a developing circular economy supporting Bitcoin-accepting merchants. The company maintains a dedicated community website and hosts regular local events.
The addressable market remains substantial: 227,000 New Zealanders conducted approximately 7 million crypto transactions in fiscal year 2025, with local exchange volumes reaching NZ$7.8 billion. Research from Protocol Theory suggests nearly 50% of New Zealanders are current or prospective digital asset investors, with Stacked projecting the market to generate over US$200 million in revenue by 2026.
For web3 professionals, Stacked's approach demonstrates that small teams can differentiate through technical philosophy and user autonomy focus, even as larger competitors pursue alternative business models.
