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ASX ‘bias’ forces crypto startup Bamboo to consider US listing

A spokesperson for the ASX said the bourse was “very aware” of the growing interest and improving credibility of crypto businesses in Australia, but said it had to strike a balance to protect the interests of the overall market.

“With regulatory guidance now in place for crypto ETFs, ASX is working closely with issuers and reviewing its own rules framework to ensure appropriate crypto-related offerings can be brought to market prudently. The initial focus is on crypto ETFs, with the first ASX listing expected this week,” they said.

Mr Cassidy is hoping Bamboo’s $4 million Series A will help kickstart its growth in the US, where he believes there’s a gap in the market the startup could fill. Bamboo’s app is aimed at giving investors an easier path to buying cryptocurrencies like bitcoin and ethereum, including via round-up micro-investing.

Investors in the round include Australia crypto hedge fund Orthogonal Trading, funds manager VP Capital, various family offices and some unnamed ‘social influencers’, the latter of which Mr Cassidy said were key to helping the business hit its target of getting 50,000 US users ahead of its launch in the market.

The raise will also help Bamboo build out its local offering, which is used by around 35,000 people, including a new service to make it easier for investors with self-managed super funds to add crypto to their portfolio, something the chief executive expects will become increasingly commonplace in the next decade.

“A majority of [SMSFs] will one day have some sort of token or crypto in there,” he said. “The returns are really unrivalled, it’s the best performing asset class. Not having a small portion of digital assets in there, those people are going to underperform against those that do.”

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