Cryptocurrency Security Startups Gain Traction
2019年2月23日 - 2:43AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 22, 2019 -- ADVFN Crypto NewsWire -- Governments around
the world are taking pressure from investors and financial
institutions to provide clear cut regulations for digital assets.
But the most common pushback from regulators in the uncertain
security issues of digital assets and the exchanges that operate
them. Because of this, traditional investment companies are
partnering with experts from the cryptocurrency industry to combine
their money handling licensing along with traditional KYC and AML
requirements to propose improved and more transparent
cryptocurrency investment processes.
However, this still isn’t enough
for many countries and many retail investors are still weary of the
new financial instruments. This has lead to a huge increase in
blockchain technology companies that focus entirely on ways to
ensure the safety and origins of cryptocurrencies. Last week
Coinbase acquired a blockchain analytics startup called startup
Neutrino, citing the importance of analytics-based compliance “as
we work with regulators and agencies in different countries to
bring new assets there,” the exchange said at the time.
Solidus
Labs
A cryptocurrency surveillance
startup led by former Goldman Sachs fintech engineers raised $3
million in seed funding recently. while Chainalysis, also a
cryptocurrency sleuthing startup, announced a $30 million Series B
earlier this month. The company developed a machine learning and
artificial intelligence-powered trade surveillance platform for
digital assets. Funding was led by Hanaco Ventures with additions
from Global Founders Capital and Wall Street veterans David Krell
and Norman Sorensen.
“Although it might sound cliched,
the digital asset ecosystem is in dire need of good ‘picks and
shovels’ rather than more end applications. We believe regulation
and security are the ultimate ‘enablers’ in this space, and that
regulating a market powered by groundbreaking technology requires
groundbreaking compliance infrastructure.” - Lior Prosor, general
partner at Hanaco Ventures
The company plans to use the
investment to expand the firm’s expertise in engineering and
machine learning, as well as pushing marketing and customer service
teams to increase sales. They note that cryptocurrency exchanges
are largely using “outdated” trading surveillance platforms that
work well with fiat currency, but are not well suited to the world
of digital assets.
CipherTrace
Another blockchain and
cryptocurrency security firm called CipherTrace raised $15 million
in funding from investors led by Aspect Ventures with input form
Mike Novogratz’s Galaxy Digital, Neotribe Ventures and WestWave
Capital. The startup provides analytics and forensics products for
cryptocurrencies and blockchains. They claim their systems are
already in use by some government, regulators, law enforcement and
auditors to help enforce anti-money laundering laws and tackle
crime.
“Appropriate AML technology is
critical for the mainstream adoption of digital assets.
Institutional investors are increasingly looking to platforms like
CipherTrace to monitor the integrity of transactions with their
counterparties.” - Greg Wasserman, co-head of principal investments
at Galaxy Digital
By: BGN Editorial Staff
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