Australian Bitcoin Exchange Raises $815k in Series A Funding

An Australian bitcoin exchange has reportedly raised $815,000 in Series A funding.

According to Business Insider, the Melbourne-based Bitcoin.com.au received the funds from Alium Cpital and Dominet Venture Partners. The new funding will be used to expand the startup's overseas operations in the UK and Canada. Founder and chief executive Rupert Hackett told the publication that the funding would also fuel the integration of other cryptocurrencies, including ethereum and XRP.

Bitcoin.com.au offers both online and physical bitcoin exchange services in Australia, in partnership with domestic retailers financial firms. The report suggests that the final raise amount was higher than originally planned, as the startup had intended to raise $500k to support its efforts.

In statements, Alium Capital partner Rajeev Gupta suggested that the investment would help his firm gain further exposure to the burgeoning cryptocurrency space.

"We believe Rupert and the team at Bitcoin.com.au provide a platform that is a pure play 21st century asset class for digital cryptocurrencies in Australia," he said.

The new funding follows moves by Australian regulators to improve conditions for startups working with digital currencies, especially a decision earlier this year to finally remove a much-maligned "double tax" on bitcoin purchases.

As reported earlier this year, the Australian Treasury has eliminated a goods-and-services tax on bitcoin purchases, an act that the Australian government noted will foster digital currency business development in the country.

Exchange graph image via Shutterstock