Cryptocurrency exchange Coinstash has raised $4.7 million in a Series A led by an undisclosed Brisbane family office.
The eight-year-old digital assets fintech plans to use the cash for platform development, team expansion and user acquisition, with a plan to treble its current customer base.
Coinstash CEO Ting Wang said the business has now raised to more than $8 million towards its goal of being the leading digital asset platform for local investors.
“This raise comes at a time when investor confidence in digital assets is accelerating, as seen in the growing pipeline of crypto companies preparing for public listings globally,” he said.
“Locally, we’re seeing that same momentum as Australian investors increasingly seek secure, long-term access to digital assets as part of diversified portfolios. This funding allows us to scale the platform to meet that growing demand, while maintaining our core focus on security, compliance and innovation.”
The Brisbane exchange, which sponsors the Sydney Roosters NRL team, was founded in 2017 by Tang and Mena Theodorou. It has around 48,000 users, and hopes to add 100,000 more following the Series A.
Wang said that as crypto continues to mature as an asset class, local private players will need to have the same scale, governance and transparency of companies in public markets.
“We’re building not just for the retail investor of today, but for the future of digital finance in Australia,” he said.
The revenue generated by the Australian cryptocurrencies market is predicted to top $1 billion this year.
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