Tuesday, Jun 7th 2022
“Initiative is doing the right thing without being told.” ― Victor Hugo
1) Indonesian exchange Pintu raises $113M in an effort to become the Coinbase of Southeast Asia: The number of crypto investors in Indonesia has doubled from ~6M in early 2021 to over 12M in Feb of this year. The funds will be used for local expansion, product development, and educational initiatives. Pantera Capital, Lightspeed, Northstar Group, and Intudo Ventures led this fundraising round.
Titan’s Takeaway: Indonesia’s crypto adoption has been steadily climbing over the past few years. We expect local currency inflation, young demographics, rising middle class, and a broad interest in digital assets are paving the way for more crypto adoption down the road.
2) SEC takes aim at Binance’s token over potential securities rules violations: Binance’s BNB token is being investigated by the Securities and Exchange Commission to find out whether it was registered as a security at the time of its initial coin offering (ICO) in 2017 or if there have been trading abuses made by insiders. The token is currently ranked fifth globally and boasts a market capitalization of ~$47B.
Titan’s Takeaway: We believe SEC checks and balances like this will be necessary for the continued growth of the digital asset space and increased investor protection from fraudulent activities. Plus, the quicker regulators introduce actionable policy, the faster the semantics will stop.
3) Cryptio raises $10M in a Series A to make crypto accounting and reporting easier: Cryptio’s products help financial institutions and crypto companies collect fragmented on-chain data for accounting, treasury, and tax reporting purposes. More than 200 companies are currently using the company’s platform. The Europe-based company received backing from Point Nine and other participants such as CoinShares and BlueYard Capital.
Titan’s Takeaway: Cryptocurrency accounting is undoubtedly a thorny issue; Cryptio has taken up a challenging task that has the potential to blur the lines between traditional financial services and crypto activities.
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