An Australia-based digital asset manager, Monochrome has rounded up its Series A funding worth $1.8 million, headed by some of the most influential entrepreneurs in the crypto space. The funding is targeted towards increasing the potentials of digital solutions for institutions.
The fund injection into the crypto manager will be used to develop new products which specialize in BTC and other assets in the crypto space, as revealed by the firm. The Series A funding was spearhead by the creator of Litecoin, Charlie Lee, Samson Mow, the Chief strategy officer at Blockstream, Wei Zhou, the former CFO of Binance, and the founder of Blueshift and Synthetix, Kain Warwick. After the whole funding, the total valuation of the firm increased to about $15 million.
Launched by Jeff Yew, who was the previous CEO of Binance Australia earlier this year, Monochrome was created to give technical solutions to institutional crypto investments. The company gained its popularity from the Monochrome BTC Fund is established to serve as a vehicle for capital growth of institutional investors. The fund is targeting about 100% allocation to the BTC in the custody of the United States Trust Company, BitGo Trust.
The former CFO of Binance, Wei Zhou, described the firm [Monochrome] as the leading investment company in Australia that specializes in giving investors regulated access to the crypto market amid the progressive stance of the country on crypto regulation.
Just like other industrialized and advanced countries, the regulation of cryptocurrency in Australia is still in its embryonic stages. Though the country did not officially recognize digital assets as legal tenders in the country, crypto trading is still very much legal in the country, but the operations are subjected to Anti-Terrorism funding and Anti-Money laundering regulations. It was reported earlier that the financial regulator in the country warned its citizens against patronizing unregistered crypto firms.
Like other asset managers in the crypto space, Monochrome has a laser target for the inclusion of institutional investors in the crypto economy. It appears that the demand for digital assets is growing among institutional investors, as revealed by the large fund inflow from Coinshares, Grayscale, and other products.
A report of a survey revealed that many institutional investors are looking to increase their exposure to the crypto space or even get in for the first time. This is because many believe BTC has stood the test of time.