Valkyrie raises more than $11 million in new strategic fundraising

Valkyrie Investments, a leading investment firm focused on digital assets, has raised more than $11 million in a new strategic fundraising.

The round, which was oversubscribed, saw the firm secure $11.15 from several investors, including BNY Mellon, Coinbase Ventures, Wedbush Financial Services and Clearsky. Other participants were Zilliqa Capital, SenaHill Partners, C-Squared Ventures, and Belvedere Strategic Capital.

Valkyrie co-founder and CIO Steven McClurg said in a statement that the funding round is an indicator of the huge interest investors have in crypto as well as what the company is building.

The funds will go into further developments of the company’s proprietary technology infrastructure as well as into hiring new staff.

According to McClurg, the new strategic funding will allow the firm to provide better services across the market. The firm also plans to better integrate its services with traditional platforms, he noted.

Valkyrie is a key player in the crypto market, offering several products that give institutional investors exposure to crypto assets. Its Bitcoin Futures ETF debuted last year, and it is among multiple firms looking to launch a Bitcoin spot ETF.

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Japan crypto exchanges may scrap current token screening system: report

Token listing on crypto exchanges in Japan could soon become a lot swifter than it currently is, reports say.

The idea is that exchanges may not have to wait too long before listing a digital token due to an equally very long screening process.  

According to a report Bloomberg published on Wednesday, the Japanese government has expressed its dissatisfaction with the current framework and is in talks with the Japan Virtual and Crypto Assets Exchange Association (JVCEA) over the possibility of overhauling it.

JVCEA is a self-regulatory body tasked with supervising digital asset exchanges in the country. In May, the government criticized it for what is reportedly a slow “pre-screening” of crypto tokens.

Consumer protection key

Reportedly, JVCEA is looking at the possibility of allowing exchanges to list some tokens then following that up with a review. The deliberations, whose final report is expected by the end of the year, will also consider the scenario of having exchanges delist tokens after post-listing screening.

Notably, Prime Minister Fumio Kishida’s administration believes the process can be hastened even as measures are taken to ensure consumer protection.

This follows the collapse of Terra (LUNA) last month, which also involved the TerraUSD (UST) – a stablecoin that lost its peg to the US dollar to catalyze further losses across the market.

It’s this same need to protect users that has seen South Korean policymakers push for token listing guidelines for the country’s crypto exchanges. Lawmakers want exchanges to implement a self-regulatory system on listing and delisting of tokens, with the main objective being to public protection.

It is estimated 280,000 South Koreans were impacted by the LUNA collapse.

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