The Australian Securities Exchange (ASX) appears to avoid listing crypto industry start up platforms. Blake Cassidy, CEO of Australian start-up app Bamboo, had spoken out against the ASXs prejudice against cryptocurrency platforms and start-ups. The CEO has predicted that there would be a “brain drain” forcing all firms and talent to eventually look elsewhere to build businesses and an audience. In other news, the Bamboo cryptocurrency micro-investing platform had announced a $3 million Series A funding round to support the mobile app.
The funding round has seen investors Orthogonal Trading, VP Capital and Mountain Ash Investments leading the round. Bamboo is an application that provides users with services to micro-invest, meaning that customers can build portfolios comprised of crypto-assets though crypto market investments including Bitcoin & Ether, just by rounding up to the next dollar on each purchase and using the difference to buy an asset offered by the app. However, despite the robust business model, proving to be popular amongst investors that buy and sell cryptocurrency, the CEO stated that they wouldn’t be able to register the platform domestically. During an interview with the Sydney Morning Herald, Cassidy was asked whether Bamboo would push for registration within Australia; Cassidy responded with a sharp “no.” Cassidy went on to say that similar crypto-based platforms will need to move their operations to North America should they wish to scale efficiently. With that being said, it appears that the Bamboo platform may pursue a listing in the United States to grow the business.
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