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After achieving profitability in its Australian operations, digital asset management platform BetterX has raised $2.3 million in a pre-Series A funding round to expand the business into Asia while exploring opportunities in the Middle East and US.
The B2B platform, which enables advisers to access, trade and manage digital assets on behalf of their clients, has been supported by existing investors, including Aura Group and Tibra co-founder Kinsey Cotton, in the latest capital raising.
Aura Group, which manages more than $1 billion in assets, specialises in wealth management, venture capital, private equity and private credit and has a strong presence in Australia, Singapore and South-East Asia.
BetterX has also attracted new investment from Sydney’s Grand Prix Capital, Singapore’s Aument Capital and angels including Sabrina Tachdjian, the head of fintech and payments at HBAR Foundation and Riaz Mehta the founder of Crypto Knights.
“We are thrilled by the strong backing from our investors, both existing and new, as we take BetterX to the next stage of growth,” says Adam Switzer, the Sydney-based co-founder and CEO of BetterX.
“With the increasing institutional adoption of digital assets, we are committed to providing wealth managers with seamless, compliant, and institutional-grade solutions to bridge traditional finance with the digital asset ecosystem.”
The Singapore-headquartered Better X provides infrastructure to support Web3.0 and digital assets with its activities comprising trading software solutions, digital asset liquidity, portfolio management, FX, investment products and tokenisation across the digital asset, cryptocurrency and blockchain technology sectors.
The BetterX digital asset platform is designed for accredited and wholesale investors to safely purchase and exchange cryptocurrencies.
The company says its platform addresses key challenges in the digital asset space, including security, asset custody and regulatory compliance.
“By providing infrastructure for tokenisation, trading, and portfolio management, BetterX enables financial advisers and institutions to confidently integrate digital assets into their client offerings,” says the company.
BetterX, which was founded in 2021 by Switzer, Calvin Ng and Eric Chau, is also backed by existing investors Scalare Partners, Wholesale Investor, B7 Capital and one of the founders of Audacy Ventures.
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