Monochrome digital asset manager valued at $ 15 million following Series A

Australian digital asset manager Monochrome has closed a $ 1.8 million Series A fundraiser led by some of crypto’s most influential entre...



Australian digital asset manager Monochrome has closed a $ 1.8 million Series A fundraiser led by some of crypto’s most influential entrepreneurs, highlighting the growing potential for institutional grade crypto-asset solutions.

The cash injection will be used by Monochrome to develop new products specialized in Bitcoin (BTC) and other digital assets, the company noted. Series A was co-led by Litecoin creator Charlie Lee, Blockstream Strategy Director Samson Mow, former Binance CFO Wei Zhou and Kain Warwick, Blueshyft founder and DeFi Synthetix Protocol. After the increase, the total valuation of Monochrome was estimated to be around $ 15 million.

Monochrome was launched earlier this year by Jeff Yew, the former managing director of Binance Australia, to provide an institutional ramp for cryptocurrency investing. The company is perhaps best known for the Monochrome Bitcoin Fund, a capital growth vehicle for wholesale investors. The fund is targeting an allocation of almost 100% to physical Bitcoin, which is owned by the US trust company BitGo Trust.

Wei Zhou described Monochrome as “Australia’s” leading investment firm specializing in regulated access to digital assets, “highlighting the country’s” progressive regulatory stance “on cryptocurrency.

Like other advanced industrialized countries, Australian cryptocurrency regulations are still in their infancy. Although the country does not recognize crypto as cash, trading in digital assets is legal in the country and is subject to anti-money laundering and anti-terrorist financing regulations. As Cointelegraph recently reported, Australia’s financial regulator recently warned citizens against using unregistered cryptocurrency businesses.

Related: Australian crypto firms told Senate inquiry they’ve been taken out of the bank up to 91 times

Monochrome, like other crypto-focused asset managers, targets institutional investors for inclusion in the digital asset economy. The demand for crypto among institutional players appears to be increasing, as evidenced by the large influx of grayscale and CoinShares products, among others. Surveys of institutional investors also reveal that a large percentage of asset managers are considering buying crypto investments or increasing their exposure to assets.

Related: Franklin Templeton Seeks Experts For Bitcoin Trading And Crypto Research

With Future-proof bitcoin, more investors are likely to seek exposure to digital assets in pursuit of broader macroeconomic goals. Financial advisers could lead the charge now that crypto investing has been dramatically reduces career reputation risks.