Crypto Accounting Platform Cryptio has collected $ 15 million in an extension to its Series A Financing round from June 2022.
Existing investor Alven led the round and included participation from new backers 1KX and Ledger Cathay Capital, Cryptio told Coindesk via E email on Wednesday.
The $ 15 million collected takes the total number for the series A round to $ 25 million.
Cryptio’s goal is to provide traditional economic (tradfi) devices with back-office operations and infrastructure that allows them to offer digital asset products such as stableecoins, crypto-supported loans and crypto savings.
Many observers expect the number of banks offering crypto services to rise following the cancellation of US securities and exchange commission (SEC )’s controversial SAB 121 accounting rule.
SAB121 decided that a company that holds a customer’s crypto should record them on its own balance, which potentially has major consequences for banks’ capital allocations when working with crypto clients. This drew Ire from Crypto Industry participants as it did not take into account the lack of guidance from SEC on how securities laws apply to digital assets.
Repeal of this legislation is therefore hailed as a sign of the changing regulatory landscape of cryptocurrency in the US
Read more: A new (digital) age in SEC
