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Why Blockchain Technology Companies CipherTrace And Symbiont Raise Funds

CipherTrace Inc. is a Blockchain technology security company who has raised $15M funds in venture capital from top Silicon Valley and New York venture capital firms for cryptocurrency and blockchain security, intelligence, and regulatory compliance. Aspect Ventures along with other investors like Galaxy Digital, Neotribe Ventures, and WestWave Capital led the round. The company wants to use these new funds for expanding its reach globally and extending the functionality of products.

The company develops those products which are used by government, auditors, regulators, and law enforcement investigators in order to combat crime and reduce fraud along with the enforcement of AML laws and some of the products are blockchain analytics and forensics, cryptocurrency intelligence, compliance solutions and anti-money laundering (AML).

The blockchain technology analytics of the company gather a huge amount of data points on a weekly basis in order to de-anonymize a funds flow. They apply machine learning to its abundance data pool in order to trace the flow. The company helps banks to mitigate those threats which are related to cryptocurrency activities of customers. It also helps cryptocurrency exchanges to comply with AML laws.

Experienced entrepreneurs from the security and FinTech fields founded the company in 2015. Investors such as the U.S. Department of Homeland Security (DHS), Science and Technology (S&T) and the Defense Advanced Research Projects Agency (DARPA) funded the company at its initial stage, Business Wire reported.

In January 2019, the blockchain company Inc. has announced the closing of a $20m Series B funding round and continued to grow more as the leading blockchain firm in the financial markets around the globe. Nasdaq Ventures along with other investors such as Galaxy Digital, Citi, and Raptor Group led the round. The purpose of is to expedite deployments of various business verticals such as data management, mortgages, private equity, and syndicated loans through the funding round, PR Newswire reported.

The CEO and Co-founder of Symbiont Mark Smith said, “Closing this round of funding enables us to accelerate investments in our platform and team. Leveraging our financial markets and blockchain technology experience, our anchor partners like Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly, our enterprise blockchain and smart contract platform. Assembly provides the opportunity for new participants to enter the digital asset market and offers existing participants a superior infrastructure on which to build the future of financial markets.”

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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