CloudTech has successfully raised $14 million in a Series A funding round dedicated to advancing its institutional-grade digital asset custody solutions, with a specific focus on Bitcoin.
The funding, secured partially in Bitcoin and USDT, will be directed towards developing secure and scalable custody infrastructure. This includes the creation of isolated wallets and features designed to meet stringent regulatory compliance requirements.
The investment arrives amidst significant institutional interest in Bitcoin, evidenced by its current market price hovering around $109,560 and a market capitalization exceeding $2 trillion.
CloudTech’s platform aims to bridge the gap between traditional finance and blockchain technology by prioritizing enhanced security measures and adherence to regulatory standards.
The Australian cryptocurrency community has reacted positively to the funding news. Analysts suggest this development could potentially elevate regulatory standards for crypto custody providers within the industry.