By Max - Cryptocurrency Professional - 04-11-2021
The Australian Securities Exchange (ASX) appears to avoid listing start-ups in the crypto industry. Blake Cassidy, CEO of Australian start-up app Bamboo for micro-investing, had spoken about the prejudice of the ASX against cryptocurrency trading platforms and crypto start-ups. The CEO has predicted that there would eventually be a "brain drain" due to unwillingness to list crypto start-ups and sees the inevitability of firms looking elsewhere to build their audience. Cassidy's remarks came not long after the Bamboo micro-investing company had announced a $3 million Series A funding rough to support the mobile app.
The funding round had seen investors like Orthogonal Trading, Mountain Ash Investment Management, and VP Capital lead the round. Bamboo is an application that allows users to micro-invest, meaning that customers can build up a portfolio of crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) just by utilising its spare change feature. However, despite the strong business model and popularity of buying and selling cryptocurrency, the CEO stated that they wouldn't be able to get a listing locally. In an interview with the Sydney Morning Herald, Cassidy was asked whether Bamboo would push for a local Australian listing; the CEO's response was a simple "no." Cassidy said that similar businesses will need to move their business to North America if they plan on scaling quickly. With that in mind, it appears Bamboo is looking to pursue a listing in the United States and to further grow its business from there.