• Monochrome, a digital asset manager, has been valued at $15 million following its Series A round

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

    The funds will be used by Monochrome to develop new products specializing in Bitcoin (BTC) and other digital assets, according to the company. The Series A was co-led by Litecoin creator Charlie Lee, Blockstream chief strategy officer Samson Mow, former Binance CFO Wei Zhou, and Blueshyft and DeFi protocol Synthetix founder Kain Warwick. Monochrome’s total valuation was estimated to be around $15 million following the raise.

    Jeff Yew, the former CEO of Binance Australia, founded Monochrome earlier this year to provide an institutional onramp to cryptocurrency investing. The Monochrome Bitcoin Fund, a capital growth vehicle for wholesale investors, is perhaps the company’s most well-known product. The fund aims for a near-100 percent allocation to physical Bitcoin, which is held in trust by the U.S. trust company BitGo Trust.

    Wei Zhou referred to Monochrome as Australia’s “leading investment firm specializing in regulated access into digital assets,” emphasizing the country’s “progressive regulatory stance” toward cryptocurrency.

    Australia’s cryptocurrency regulations, like those of other advanced industrialized nations, are still in their infancy. While the country does not recognize cryptocurrency as money, digital asset trading is legal and subject to Anti-Money Laundering and Counter-Terrorist Financing regulations. According to ULTCOIN365, Australia’s financial regulator recently warned citizens against dealing with unregistered cryptocurrency businesses.

    Monochrome, like other crypto-focused asset managers, is aiming to include institutional investors in the digital-asset economy. Institutional demand for cryptocurrency appears to be increasing, as evidenced by large inflows into Grayscale and CoinShares products, among others. According to surveys of institutional investors, a large percentage of wealth managers plan to buy crypto investments or increase their exposure to the assets.

    Because Bitcoin has withstood the test of time, 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 significantly de-risked in terms of professional reputation.

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