PANews reported on June 11 that according to Startupdaily, CloudTech, a blockchain financial infrastructure startup headquartered in Melbourne, Australia, announced the completion of a US$14 million Series A financing round. It is reported that about US$11 million of this financing transaction was provided in the form of Bitcoin and stablecoin USDT. The company's current business covers over-the-counter transactions (OTC), stablecoin solutions, and CobWeb Pay, which can convert cryptocurrencies into Australian dollars for regular shopping. The new funds are intended to be used to launch institutional-grade digital asset custody solutions.