Melbourne-based CloudTech raised a $14m Series A. Most of it was crypto.
The fintech raised $11 million of its $14 million round in Bitcoin and USDT as it prepares to launch a custody service for institutions managing digital assets.
CloudTech Group talks a big game about cryptocurrency being the future of finance — and when it came time to raise $14 million, the Melbourne-based company put its money where its mouth is.
The financial technology firm announced this week that $11 million of its Series A funding round came in Bitcoin and USDT, a cryptocurrency pegged to the US dollar.
The company plans to use the capital to launch CloudTech Custody, a service designed to help banks, wealth managers and other institutions securely store digital assets on behalf of their clients.
“This raise marks a major step forward in delivering core infrastructure for the digital asset economy,” said Mandy Jiang, CloudTech’s chief financial officer and executive director, and a former executive at challenger bank Judo Bank.
