B57

Pure Crypto. Nothing Else.

News

Why Aussie Crypto Firms Are Eyeing US Listings Instead of ASX

The Great Aussie Crypto Exodus

In a recent revelation, Blake Cassidy, CEO of the micro-investment app Bamboo, threw some serious shade at the Australian Securities Exchange (ASX). Cassidy claims that the ASX has a penchant for ignoring crypto companies, resulting in an exodus of innovative firms heading to the United States to seek a listing. Think of it as an Aussie brain drain, but instead of brains, it’s crypto startups packing their bags.

Investment News You Can’t Ignore

As if the ASX wasn’t already feeling the sting, Bamboo just announced a whopping $3 million ($4 million Aussie dollars, for those keeping track) in Series A funding, courtesy of big players like Orthogonal Trading and Mountain Ash Investment Management. What’s the aim of these funds, you ask? Expansion and perhaps a one-way ticket to the American market.

Micro-Investing Made Easy

Bamboo is not just any app; it’s a micro-investing platform that allows users to dip their toes into the ocean of digital currencies, like Bitcoin (BTC) and Ether (ETH). They do this by rounding up your everyday purchases to the next dollar and using that spare change to invest in crypto. So, every time you buy your morning coffee, a tiny portion goes towards your crypto future. It’s like putting your couch change to work but for millennials and Gen Z.

ASX’s Regulatory Tug-of-War

While the ASX is fully aware of the growing interest in Australian crypto businesses, they warn of the need to protect market interests with healthy regulations. Cassidy didn’t shy away from pointing out the ASX’s hurdles, stating, “Companies like ours who need to raise capital and scale rapidly have to look towards North America because we can’t do it here.” Ouch. That sounds like a major slam against local market support.

Competition Between Crypto Exchanges and ASX

It’s not just a simple case of regulatory challenge; Cassidy pointed out that there’s serious competition between the ASX and crypto exchanges. One can’t help but envision a dramatic showdown, think of it as a boxing match between crypto and traditional finance. It seems the ASX may have dug its own grave if it continues to alienate innovation. Poor decision-making or simply trying to maintain an old-school practice? You decide.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *