Australian Bitcoin Exchange Raises $815k in Series A Funding

An Australian bitcoin exchange has reportedly raised $815k in Series A funding.

Jul 25, 2017 at 4:00 p.m. UTC
Updated Sep 13, 2021 at 6:45 a.m. UTC

An Australian bitcoin exchange has reportedly raised $815,000 in Series A funding.

According to Business Insider, the Melbourne-based Bitcoin.com.au received the funds from Alium Cpital and Dominet Venture Partners. The new funding will be used to expand the startup's overseas operations in the UK and Canada. Founder and chief executive Rupert Hackett told the publication that the funding would also fuel the integration of other cryptocurrencies, including ethereum and XRP.

Bitcoin.com.au offers both online and physical bitcoin exchange services in Australia, in partnership with domestic retailers financial firms. The report suggests that the final raise amount was higher than originally planned, as the startup had intended to raise $500k to support its efforts.

In statements, Alium Capital partner Rajeev Gupta suggested that the investment would help his firm gain further exposure to the burgeoning cryptocurrency space.

"We believe Rupert and the team at Bitcoin.com.au provide a platform that is a pure play 21st century asset class for digital cryptocurrencies in Australia," he said.

The new funding follows moves by Australian regulators to improve conditions for startups working with digital currencies, especially a decision earlier this year to finally remove a much-maligned "double tax" on bitcoin purchases.

As reported earlier this year, the Australian Treasury has eliminated a goods-and-services tax on bitcoin purchases, an act that the Australian government noted will foster digital currency business development in the country.

Exchange graph image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Solana, Cardano Tokens Slide Over 9% as Cryptos See Weakness Amid Poor US Consumer Data

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

2
Institutional DeFi Enabler? Data Firm Kaiko Probes DEX Liquidity With New Product

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

3
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

4
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.