ASX ‘bias’ forces crypto startup Bamboo to consider listing in US

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An ASX spokesperson said the exchange was “very aware” of the growing interest and improving credibility of crypto firms in Australia, but said it had to strike a balance to protect the interests of the entire market.

“With regulatory guidelines now in place for crypto ETFs, ASX is working closely with issuers and revising its own framework of rules to ensure that appropriate crypto related offerings can be placed on the market with caution. The initial focus is on crypto ETFs, with the first ASX listing expected this week, ”they said.

Mr Cassidy is hopeful that Bamboo’s $ 4 million Series A will help jumpstart its growth in the United States, where he believes there is a gap in the market that the startup could fill. Bamboo’s app aims to give investors an easier way to buy cryptocurrencies like bitcoin and ethereum, including through the roundup micro-investing.

Investors in the round include Australian cryptocurrency hedge fund Orthogonal Trading, fund manager VP Capital, various family offices and some unnamed “social influencers”, the latter of whom Cassidy has said were essential to help the company meet its goal of 50,000 US users. of its launch on the market.

The increase will also help Bamboo grow its local offering, which is used by around 35,000 people, including a new service to make it easier for investors with self-directed super funds to add crypto to their portfolio more easily, the director said. general expects to become. increasingly common over the next decade.

“A majority of [SMSFs] will one day have some sort of token or crypto in there, ”he said. “The returns are truly unmatched, it is the best performing asset class. Not having a small chunk of digital assets in there, these people will underperform compared to those who do.

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