Cryptio Secures $15 Million in Series A Funding Extension
Cryptio, a leading crypto accounting platform, has successfully raised an additional $15 million in an extension of its Series A funding round, which originally took place in June 2022. The latest funding round was spearheaded by existing investor Alven, with participation from new investors including 1kx and Ledger Cathay Capital, as communicated by Cryptio in an email to CoinDesk on Wednesday. This recent infusion brings the total amount raised in the Series A round to an impressive $25 million.
The primary goal of Cryptio is to equip traditional financial (TradFi) entities with the essential back-office operations and infrastructure needed to effectively offer a range of digital asset products. These products include stablecoins, crypto-backed loans, and crypto savings solutions, thereby bridging the gap between traditional finance and the burgeoning world of cryptocurrencies.
In light of recent developments, many industry observers anticipate a significant uptick in the number of banks beginning to offer crypto services. This expectation follows the repeal of the U.S. Securities and Exchange Commission (SEC)’s controversial SAB 121 accounting rule. The SAB 121 regulation mandated that companies holding customer cryptocurrency must record these assets on their own balance sheets. This requirement had potential ramifications for banks’ capital allocations when engaging with crypto clients, leading to widespread criticism from participants in the crypto industry.
The repeal of this legislation is widely regarded as a positive indicator of the evolving regulatory landscape for cryptocurrencies in the United States. It reflects a growing recognition of the unique challenges posed by digital assets and the need for clearer guidelines from regulatory bodies.
