C1 Fund Seeks to Purchase Crypto Holdings at Discounted Rates
C1 Fund, founded by former Coinbase professionals, is engaging with local venture firms in Australia to acquire private holdings from investors at discounted rates. The fund is proposing purchase prices ranging from 50% to 80% of the most recent valuation. This move comes as the cryptocurrency sector gains investor interest, driven by a bullish stance on Bitcoin that has caused its price to surpass $40,000 for the first time in two years.
C1 Fund Explores Australian Crypto Landscape
C1 Fund has approached several crypto organizations in Australia, including Animoca Brands and Chainalysis. The fund aims to invest between $20 million and $50 million in companies valued at a minimum of $300 million in their last funding round, preferably at Series C or later stages. C1 believes that the current market conditions present attractive valuations in the digital assets secondary market due to hyperinflation and rising interest rates.
Shift in Stance?
Australia has traditionally adopted a cautious approach towards cryptocurrencies. However, there are signs that sentiment may be changing as domestic players like Independent Reserve and BTC Markets see an increase in new customers after Binance’s founder pleaded guilty to money laundering charges. Investors are shifting towards locally regulated operators, resulting in a significant increase in trading volumes on these platforms.
Hot Take: Growing Interest in Australian Crypto Market
The growing interest of C1 Fund and the influx of new customers on domestic crypto platforms indicate a potential shift in sentiment towards the cryptocurrency market in Australia. Despite the cautious regulatory approach taken by the government and financial institutions, investors are showing confidence in locally regulated operators. This trend suggests that the Australian crypto landscape may experience further growth and development in the coming years.
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