Crypto accounting platform Cryptio has raised $15 million in an extension to its Series A funding spherical from June 2022.
Current investor Alven led the spherical and featured participation from new backers 1kx and Ledger Cathay Capital, Cryptio instructed CoinDesk through electronic mail on Wednesday.
The $15 million raised takes the entire for the Series A spherical to $25 million.
Cryptio’s intention is to supply conventional monetary (TradFi) entities with back-office operations and infrastructure that enable them to supply digital asset merchandise comparable to stablecoins, crypto-backed loans and crypto financial savings.
Many observers predict the variety of banks providing crypto companies to extend following the repeal of the U.S. Securities and Trade Commision (SEC)’s controversial SAB 121 accounting rule.
SAB121 decreed that an organization holding a buyer’s crypto ought to report them by itself steadiness sheet, doubtlessly having main implications for banks’ capital allocations when working with crypto shoppers. This drew ire from crypto business members because it didn’t account for the dearth of steering from the SEC on how securities legal guidelines apply to digital belongings.
The repeal of this laws is due to this fact being hailed as signal of the altering regulatory panorama for cryptocurrency within the U.S.
Learn Extra: A New (Digital) Age on the SEC
