CEO of Australian micro-investment app Bamboo, Blake Cassidy has given reasons why Australian firms might be seeking a U.S listing. He claims there’s an undisputable bias by the Australian Securities Exchange’s (ASX) against listing crypto companies, thus causing what he calls “an Aussie brain drain”.
Bamboo Raises $3 Million in Series A Investment Round
Cassidy’s remarks follows after the company recently announced that it has successfully completed a $3 million ($4M AUD) Series A investment round. The round saw Australia’s biggest cryptocurrency hedge fund, Orthogonal Trading, VP Capital, and Mountain Ash Investment Management participating.
While speaking to the Sydney Morning Herald, Cassidy recalled being asked if he was considering getting a local Australian listing. That was around the time he and his team were trying to secure backers for the crypto-based micro-investment app. He says he simply answered “No.”
He insists that companies like his, will have to look towards North America because they simply can’t do it here.
Based on its recent activities and announcements, Bamboo may already be preparing to expand and break into the American market. In fact, a potential listing may not be impossible.
So, part of the $3 million raised will go towards expanding to the USA.
The ASX Really Biased?
Bamboo is not the only company who believes that the ASX is biased against crypto-based companies. Animoca Brands, the NFT-game behind F1Delta, was kicked off the ASX in March 2020 for not complying with the rules of ASX.
Animoca, which is now based out in Hong Kong, is presently valued at around $2.2 billion after raising $65 million in am October funding round.
Meanwhile, the ASX has also explained its own stance on the issue. The commission insists that while it is fully aware of the interest in Australian crypto businesses, there’s an undisputable need to keep them in check so as to protect the interests of the market. The ASX was also quick to mention the recent provisional approval for Bitcoin and Ethereum ETF’s.
Back in July 2021, the ASX had expressed concerns about exchange custody and self-ownership, thereby issuing a warning to Australian investors at the time, to stop buying digital currencies on exchanges.