Australian digital asset manager Monochrome has concluded a $1.8 million Series A fundraiser led by some of crypto’s most influential entrepreneurs, underscoring the growing potential of institutional-grade crypto-asset solutions.
The cash injection will be used by Monochrome to develop new products specializing in Bitcoin (BTC) and other digital assets, the company said. 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. Following the raise, Monochrome’s total valuation was estimated to be worth roughly $15 million.
Monochrome was launched earlier this year by Jeff Yew, the former chief executive of Binance Australia, to provide an institutional onramp to cryptocurrency investing. The company is perhaps best known for the Monochrome Bitcoin Fund, a capital growth vehicle for wholesale investors. The fund targets a near 100% allocation to physical Bitcoin, which is custodied by U.S. trust company BitGo Trust.