SBI-backed Bcause gets funding for Asia crypto push
Bcause, a US-based cryptocurrency services company backed by SBI Holdings has received a commitment of undisclosed size from China Health Checkmate (CHC) to support an Asian expansion.
CHC, a joint venture between Checkmate Capital and its financial services and healthcare partners, will contribute to a Series B round that aims to raise $25 million for the establishment of new cryptocurrency exchanges and the deployment of asset-backed payment products in Asia. Lehman Bush, a boutique private equity consultancy headquartered in China, will also act as Bcause's strategic partner in the region.
"The global experience of the Bcause management team, particularly with building multiple exchanges in Asia, is critical in executing on our strategic plan to create viable cryptocurrency exchanges in Asia," Benjamin Lye, vice president and head of digital assets at Checkmate Capital, said in a statement. "This will lead to a clear purpose and mission for our Asian partners, linked to desired objectives and outcomes for the constituencies they serve."
Bcause is building a full-stack cryptocurrency ecosystem, which will include mining facilities, as well as a spot market, regulated derivatives exchange, regulated clearing house, and custody operations. The company has filed with the US Commodity Futures Trading Commission to become a designated contract market and to establish a derivatives clearing organization. It intends to offer a one-stop shop for all parts of the cryptocurrency value chain.
The company received a Series A round of undisclosed size last year led by SBI, which acquired a 40% stake. SBI described the deal as an "important, long-term partnership that will advance the development and widespread use of digital currencies around the world." According to a filing, Bcause also raised $5 million in equity funding from unspecified investors in April. In February, it claimed to be the largest digital mining data center in North America.
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