Finally a news worth melting hearts for the Australian citizens. Asset Manager Monochrome receives a green flag launching a spot Bitcoin ETF in Australia. The asset management firm can offer spot crypto exchange-traded funds.
In a recent article from Monochrome on August 14th, 2022, Monochrome became one of the very first organizations to get into Australian bounds. Monochrome successfully secured an Australian Financial Service License (AFSL). The company got the final approval from The Australian Securities & Investment Commission (ASIC) to function in the regional financial market.
The digital asset management firm noted that products offer retail customers direct exposure to the cryptocurrencies. Monochrome will offer a window where customers can experience performances of various cryptocurrencies including Bitcoin and Ethereum. However, there’s still no sign of when the product will open to trading.
“The regulator’s approval of this license variation represents a major step forward for both the advice industry and retail investors, allowing advisers to meet the market demands of their clients when it comes to the nascent crypto-asset class,” Monochrome CEO Jeff Yew said.
Painting Australian Finance into Monochrome Colors
Monochrome’s Bitcoin ETF is in works from February 2022. Earlier in February the asset management firm launched a series introducing the Bitcoin market and growth of Bitcoin’s investment market.
Monochrome also made efforts to launch the product in the U.S. grounds however, the country continued to reject all spot based Bitcoin ETF. The latest rejection was the Grayscale Bitcoin ETF, denied by the Securities and Exchange Commision (SEC).
Monochrome was launched in early 2021 by Jeff Yew pushing institutional adoption of crypto assets in Australia. The asset manager was last funded at 15 Million USD after raising 1.8 Million USD in a series A funding in September 2021. The funding was led by some renowned names in the crypto space including Charlie Lee and Samson Mow.
Source: https://www.thecoinrepublic.com/2022/08/18/asset-manager-monochrome-ready-to-launch-spot-bitcoin-etf-in-australia/