Cryptocurrency risk monitoring company Solidus Labs raises $20 million
The funding will enable the company, which develops systems for monitoring risks and supervising cryptocurrency trade, to widen development of its technology and expand its research teams and sales network
Cybertech
| 25/05/2021
Asaf Meir, Arad Chen and Praveen Kumar, the founders of Solidus Labs.
Solidus Labs, which develops systems for monitoring risks and supervising cryptocurrency trade, announced it has raised $20 million in a Series A funding round, led by Evolution Equity Partners. The funding will enable the company to accelerate and widen the development of its technology as well as expand its research teams as well as its marketing and sales network.
Solidus Labs, which provides solutions for monitoring and identifying manipulation of digital coin, was established in New York by entrepreneurs Asaf Meir, Chen Arad and Praveen Kumar. The startup provides solutions to financial bodies, many of which avoid entering the cryptocurrency market due to sensitivity of the trade to manipulation – in other words, influence on exchange rates and the trade in the currency.
Among the customers of the company are many of the leading stock exchanges and cryptocurrency companies, traditional financial institutions, governments, law enforcement entities and regulators. The company reports an increase of 400% in demand for its products since the beginning of 2020, and an increase of 1000% in interest from banks and well-established financial institutions interested in the growing world of cryptocurrency.
The finding round also involved several angel investors including well-known American regulators Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission; Daniel Gorfine, who was chief innovation officer for the commission; Troy Paredes, former commissioner of the Securities and Exchange Commission; and others.
"Crypto and digital assets aren’t just transforming financial services, they’re also driving a major transformation in how capital markets, and finance as a whole, will be regulated," said Asaf Meir, CEO of Solidus Labs.
"As both innovators and regulators strive to harness these new technologies and make finance more accessible, transparent, and efficient, crypto has also exposed the soft underbelly of legacy risk monitoring solutions, which Solidus Labs addresses."
The company intends to open offices in East Asia and other markets where there is significant growth in the cryptocurrency industry.
The funding will enable the company, which develops systems for monitoring risks and supervising cryptocurrency trade, to widen development of its technology and expand its research teams and sales network
Asaf Meir, Arad Chen and Praveen Kumar, the founders of Solidus Labs.
Solidus Labs, which develops systems for monitoring risks and supervising cryptocurrency trade, announced it has raised $20 million in a Series A funding round, led by Evolution Equity Partners. The funding will enable the company to accelerate and widen the development of its technology as well as expand its research teams as well as its marketing and sales network.
Solidus Labs, which provides solutions for monitoring and identifying manipulation of digital coin, was established in New York by entrepreneurs Asaf Meir, Chen Arad and Praveen Kumar. The startup provides solutions to financial bodies, many of which avoid entering the cryptocurrency market due to sensitivity of the trade to manipulation – in other words, influence on exchange rates and the trade in the currency.
Among the customers of the company are many of the leading stock exchanges and cryptocurrency companies, traditional financial institutions, governments, law enforcement entities and regulators. The company reports an increase of 400% in demand for its products since the beginning of 2020, and an increase of 1000% in interest from banks and well-established financial institutions interested in the growing world of cryptocurrency.
The finding round also involved several angel investors including well-known American regulators Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission; Daniel Gorfine, who was chief innovation officer for the commission; Troy Paredes, former commissioner of the Securities and Exchange Commission; and others.
"Crypto and digital assets aren’t just transforming financial services, they’re also driving a major transformation in how capital markets, and finance as a whole, will be regulated," said Asaf Meir, CEO of Solidus Labs.
"As both innovators and regulators strive to harness these new technologies and make finance more accessible, transparent, and efficient, crypto has also exposed the soft underbelly of legacy risk monitoring solutions, which Solidus Labs addresses."
The company intends to open offices in East Asia and other markets where there is significant growth in the cryptocurrency industry.
