According to the Australian Financial Review, crypto venture capital firm C1, led by former Coinbase executives has met with a number of cryptocurrency groups and Australian venture companies offering to purchase private holdings.

C1 has contacted Animoca Brands, a venture capital company that focuses on gaming and metaverses. It also contacted Chainalysis, a blockchain analysis firm. According to the report, C1 offered to purchase private holdings at a discount of between 50% and 80% on their previous valuation.

Since the collapse of FTX, Australia has adopted a cautious approach towards the crypto industry. The government of Australia has proposed that it could take up to 2025 before an Australian digital assets platform receives a license, updated their tax guidelines in order to impose capital gain tax on wrapped tokens, and declared that will not introduce a central banks digital currency for some time. The sentiment in Australia may be changing as the crypto market gains momentum.

The report attributed this information to a presentation outlining C1’s strategy. C1 is looking for entities that have a minimum valuation of $300,000,000 in their previous funding round.

The deck states: “We believe that the secondary market for digital assets offers very attractive prices due to current market conditions, including hyperinflation, rising interest rates and the current public and private market conditions.”

“C1 does not authorise this article and we haven’t met with either company direct as of this moment,” Dr. Najam K Kidwai said, co-founder of C1 and managing partner.

Animoca and Chainalysis didn’t immediately respond to CoinDesk’s request for comments.

Read more: Australia proposes new licensing regime for crypto exchanges and aims for draft legislation by 2024

UPDATE: Adds comments from C1.

Parikshit Miishra is the editor.