Digital asset management entity from Australia Monochrome reportedly secured $1.8 million Series A fundraising, which saw participation from well-known entrepreneurs across the crypto sphere. 

Specifically, the newly acquired fund – which highlighted the increasing potential of institutional-grade crypto-asset solutions – will reportedly be channeled towards designing new solutions, focusing on Bitcoin (BTC) and different crypto assets. 

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.

The cash injection has reportedly helped Monochrome achieve an overall valuation of approximately $15 million.

Monochrome was reportedly introduced in early 2021, by Jeff Yew, the former chief executive of Binance Australia, with a target of offering an institutional onramp to cryptocurrency investing.

The firm is probably most famous for its Monochrome Bitcoin Fund – a capital growth outfit dedicated to wholesale investors. 

The fund reportedly looks to achieve a near 100% allocation to physical Bitcoin, currently in the custody of the trust firm from America BitGo Trust.

Wei Zhou reportedly views Monochrome as a “leading investment firm specializing in regulated access into digital assets” in Australia, emphasizing the “progressive regulatory stance” the nation is adopting, when it comes to cryptocurrency. 

Similar to other advanced industrialized countries, the legislation for crypto in Australia is just coming into existence. While crypto is not legally considered as money in the nation, digital asset trading is lawfully accepted and falls under the scope of Anti-Money Laundering and Counter-Terrorism Financing regulations.