Crypto Accounting Platform Cryptio Raises $15M in Series A Extension
Cryptio has successfully raised $15 million in an extension to its Series A funding round from June 2022.
Key Details:
- Existing Investor: Alven led the funding round.
- New Participation: Added support from investors 1kx and Ledger Cathay Capital.
- Total Series A Raised: This extension brings the total to $25 million.
- Objective: Cryptio aims to enhance traditional financial entities with back-office operations allowing them to offer digital asset products like stablecoins and crypto-backed loans.
Many analysts believe there will be a rise in banks providing crypto services, especially after the repeal of the SEC’s controversial SAB 121 accounting rule, which previously required companies to list customer crypto as their own assets. This change is viewed positively within the cryptocurrency industry as it signals a more accommodating regulatory framework in the U.S.
