Crypto 1 Acquisition Corp concludes $230 million Initial Public Offering

Crypto 1 Acquisition Corp announced the closing of its initial public offering in a release. The company stated that it includes the exercise of the over-allotment option, while the offering was put at $10.00 per unit. It resulted in the sale of an aggregate of 23,000,000 units in gross proceeds of $230,000,000.

As per the release, the Company’s units began trading on the Nasdaq Global Market under “DAOOU” on 7 December, 2021.

The unit offering consists of one Class A ordinary share and three-quarters of one redeemable warrant. The release specifies that only whole warrants are exercisable and will trade. The company has now built a corpus of $231,150,000, which includes prior private placement and is allocated in the Company’s trust account.

As far as the company is concerned, it is a blank check company that aims to focus on digital assets and cryptocurrency business. Additionally, Crypto 1 is looking at payment systems that include wallets, lending, and decentralized finance.

Institutional interest

The interest of institutions has been big in the crypto sector. Nexo also recently announced its collaboration with Fidelity Digital Assets to expand crypto offerings to institutional clients.

Apart from that, Visa dived into crypto consulting recently. Where the crypto advisory vertical will run alongside the company’s consulting and analytics services to advise banks on their crypto strategy and execution.

Instant messaging service WhatsApp has launched a pilot in the U.S as well, to send and receive crypto within the platform. Furthermore, a study had revealed that 85% of institutional investors have dedicated teams to look at cryptocurrencies and digital assets on the back of increased demand for the asset class.

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