Crypto accounting platform Cryptio has announced a successful extension to its Series A funding round, securing an additional $15 million. This funding follows a previous raise of $10 million in June 2022, bringing the total investment in the Series A round to $25 million. The round was led by existing investor Alven, with new participation from 1kx and Ledger Cathay Capital, as reported by Cryptio via CoinDesk.
Cryptio’s mission is to equip traditional financial (TradFi) entities with the necessary back-office operations and infrastructure required to offer a range of digital asset products. These offerings include stablecoins, crypto-backed loans, and crypto savings accounts, creating new avenues for financial services in the burgeoning cryptocurrency landscape.
In light of shifting regulations, many industry observers anticipate an increase in the number of banks providing crypto services. This potential growth follows the recent repeal of the U.S. Securities and Exchange Commission’s (SEC) controversial SAB 121 accounting rule. The SAB 121 rule mandated that companies holding a customer’s cryptocurrency had to record those assets on their own balance sheets. This requirement raised concerns regarding banks’ capital allocations when servicing crypto clients, leading to significant criticism from the crypto community.
The repeal of this legislation is being celebrated as a pivotal moment in the evolving regulatory environment for cryptocurrency in the United States, paving the way for banks to more freely integrate digital assets into their offerings.
For those interested in the future of digital regulation and its implications for the cryptocurrency market, further reading on this development can be found in the CoinDesk article, “A New (Digital) Age at the SEC.”
