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Monochrome valued at $15M after series A

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Charlie Lee, the creator of Litecoin, and Samson Mow, the chief strategic officer of Blockstream, co-led series A.

Australian digital asset manager Monochrome has finished a $1.8 million Series A fundraiser led by some of crypto’s most dominant entrepreneurs underscoring the developing talent of institutional-grade crypto-asset solutions. The cash injection will be a method used by Monochrome to create new products which specializes in Bitcoin (BTC) and other digital assets, the company stated. 

The series A was co-led by Litecoin creator Charlie Lee, Blockstream chief strategy officer Samson Mow, former Binance CFO Wei Zhou and Kain Warwick, the founder of Blueshyft and DeFi protocol Synthetix. After the increase, Monochrome’s entire valuation was estimated to be worth roughly $15 million. Monochrome was started earlier this year by Jeff Yew, the former chief executive of Binance Australia to give an onramp to cryptocurrency investing. The company is famous for the Monochrome Bitcoin Fund, a capital growth vehicle for wholesale investors. The fund focuses on a near 100% allocation to physical Bitcoin, which is custodied by U.S trust company BitGo Trust. 

Wei Zhou explained Monochrome as Australia’s “leading investment firm specializing in regulated access into digital assets,” underscoring the country’s “progressive regulatory stance” towards cryptocrrency. Australia’s crypto regulators are developing stages. Even though the country does not recognize crypto as money, digital asset trading is legal in the country and is attached to its Anti-money laundering and counter-terrorism financing regulations. Australia’s financial regulator recently warned citizens against using unregistered cryptocurrency businesses. 

Monochrome, like other crypto-focused asset managers is focusing on institutional investors for participation in the digital-asset economy. Demand for crypto between institutional players seems to be developing as evidenced by the large inflows into Grayscale and CoinShares products among others. There are surveys of institutional investors state that a huge percentage of wealth managers are trying to buy crypto investments or increase their subjection to the assets. 

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