Melbourne startup Elbaite, founded by siblings Morty and Samira Tollo, is making cryptocurrency trading safer and more transparent.
The Elbaite platform enables people to buy and sell cryptocurrency directly while retaining custody of their assets until transfer. This differs from traditional exchanges, where a third party holds funds, a model that can expose users to hacking risks or loss of control.
As an Australian Transaction Reports and Analysis Centre (AUSTRAC) registered platform, Elbaite operates within Australia’s regulatory environment, helping build trust in the sector.
A solution born from experience
Morty’s journey into cryptocurrency began early. At just 13, he was building computers from spare parts. Later, while studying accounting, a friend suggested he use those parts to mine Bitcoin.
He quickly recognised accounting and technology create the “perfect marriage” for a career in cryptocurrency.
By 2014, Morty was actively using crypto exchanges, until a turning point. He had cryptocurrency stolen through a third-party platform at a time when regulation was limited and recourse was unclear.
“That experience showed me how vulnerable users were,” he says. “There had to be a safer way.”
That idea became the foundation for Elbaite.
A complementary partnership
Morty partnered with his sister Samira, an electrical engineer with a background in artificial intelligence.
“I couldn’t be happier with my co-founder,” Morty says. “As siblings, we’re used to working through differences, and we bring different strengths.”
Their combined expertise, spanning finance, engineering and emerging technology, shaped the platform’s design and direction.
Navigating an emerging industry
Since launching in 2017, the founders have faced ongoing challenges. “It took us about a year just to secure a bank account,” Morty explains. “Crypto is still not well understood in Australia, it’s largely uncharted territory.”
This encouraged Elbaite to expand internationally, with early traction in the United States.
“California for example, has a mature startup ecosystem and a deeper understanding of cryptocurrency,” he says.
The power of community
Starting the business in their early 20s, Morty and Samira leaned heavily on external support. “We were smart, but naive about how business worked,” Morty admits.
Through Stone & Chalk, they gained access to mentors, networks and opportunities that accelerated their growth, including executive Rod Tasker who has remained with the team since they first met.
“Rod couldn’t fault our platform architecture, which gave us real confidence. His level of support and commitment is invaluable, especially when things get tough,” Morty says.
To find out more about Elbaite, visit elbaite.com.
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