Odaily News CloudTech, a blockchain financial infrastructure startup, has completed a $14 million Series A funding round, of which $11 million was raised in the form of Bitcoin and stablecoin USDT. The funds will be used to launch institutional-grade custody solutions for digital assets and expand the broader crypto-native financial ecosystem. This round of financing came from multiple undisclosed investors.
CloudTech was founded in 2021 with a team of 40 and is headquartered in Melbourne. Its digital financial services include over-the-counter trading, stablecoin solutions and CobWeb Pay (which converts cryptocurrencies into Australian dollars for everyday purchases).
Chief Financial Officer Mandy Jiang said that custody services are crucial for institutions to enter this field, and they are building a solution that combines the advantages of blockchain with traditional financial standards and guarantees. The company's custody platform will provide isolated wallets, end-to-end encryption and transparent reporting capabilities. (Startup Daily)