Digital assets platform Monochrome Asset Management as raised US$1.8 million (A$2.4m) in series A funding as it looks up become the Australian market leader in alternative investment.
The round, which values the business at A$20 million, included Wei Zhou, former CFO of Binance, Litecoin creator Charlie Lee, Samson Mow, CSO of Blockstream, and Kain Warwick, founder of Blueshyft and Synthetix.
Monochrome was founded by Jeff Yew, the co-founder and former CEO digital asset exchange, Binance Australia, to create a trusted bridge between traditional finance and emerging digital asset classes.
“Monochrome has assembled a stellar team that combines more than a century of financial expertise with talents from ABN AMRO, Rest Super, IFM Investors, BNY Mellon and firms alike to provide a regulated, reliable and safe means for institutional investment into this asset class,” he said.
“We have the experience and expertise to guide allocators and investors in evaluating the asset class and gain exposure through a regulated and familiar investment vehicle.”
The firm’s flagship product, Monochrome Bitcoin Fund enables wholesale and institutional investors to gain exposure to bitcoin without the compliance and security risks associated with engaging with new technology and digital asset wallets.
The round comes as the fintech develops new products specialising in bitcoin and other digital assets.
Wei Zhou praised Yew’s expertise and experience.
“Australia is known for its progressive regulatory stance on digital assets, and I am proud to support Monochrome as the country’s leading investment firm specialising in regulated access into digital assets,” he said.
“Jeff has deep domain expertise in this field, as well as a track record of driving successful businesses in the digital asset industry.”
David Hobart, former decade-plus hedge fund manager, is Monochrome’s CIO, said the quality of investors they’d engaged with demonstrated the company’s position in the digital asset industry.
“They are some of the most respected and informed minds operating in this industry, not just in Australia, but across the globe,” he said.
The Monochrome Bitcoin Fund is a capital growth investment fund for Australian wholesale investors seeking a secure, regulated, and familiar investment vehicle that tracks the price of bitcoin.