Aussie crypto micro investment app Bamboo raises $3M, eyes US market

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Blake Cassidy, CEO of Australian micro-investment app Bamboo, has claimed that the Australian Securities Trade’s (ASX) bias towards itemizing crypto firms is inflicting an Aussie mind drain main corporations to hunt out a US itemizing.

Cassidy’s feedback are available the identical week the corporate introduced a $3 million ($4M AUD) Collection A funding spherical together with participation from Australia’s largest cryptocurrency hedge fund, Orthogonal Buying and selling, Mountain Ash Funding Administration, and VP Capital.

Bamboo is a micro-investing app that permits customers to purchase small quantities of digital currencies resembling BTC and ETH by rounding as much as the subsequent greenback on every buy and utilizing the distinction to purchase any asset supplied by the app.

Cassidy instructed the Sydney Morning Herald that when he and his staff had been within the strategy of securing backers for the crypto-based micro-investment app, he was requested if he would pursue a neighborhood Australian itemizing. His reply to them was a easy “No.”

“Corporations like ours who want to boost capital and scale quickly must look in direction of North America as a result of we are able to’t do it right here.”

Bamboo might already be making ready for American market enlargement and even a possible itemizing based mostly on info in a latest announcement. The corporate “sees a spot available in the market for his or her easy, accessible app which focuses on micro-savings, and utilises their round-ups technique.” A portion of the $3 million raised will go in direction of enlargement efforts within the USA.

Bamboo is much from the primary firm to recommend the ASX is biased towards firms that take care of cryptocurrencies. Animoca Manufacturers, the NFT-game and digital property developer behind F1 Delta and a key participant in The Sandbox, was booted off the ASX in March 2020 for noncompliance with ASX guidelines.

Animoca is now based mostly in Hong Kong and was valued at round $2.2 billion following a $65 million funding spherical final month.

The ASX said that whereas they’re conscious of the curiosity in Australian crypto companies, a regulatory stability must be maintained to guard the pursuits of the market. The ASX additionally pointed to the latest provisional approval for Bitcoin and Ethereum ETF’s.

Associated: Blockchain forensics firm Chainalysis opens Australian office

In July 2021, the ASX issued a warning to Australian traders towards shopping for digital currencies on exchanges over issues surrounding self-ownership and alternate custody. The ASX believes a extra regulated surroundings might counter among the dangers between self-custody and holding cash on an alternate.

Cassidy famous that there’s a component of competitors between the ASX and crypto exchanges and he suggests, “there’s most likely a component of it being anti-competitive.”