Yesterday Coinfirm, a London-based digital asset compliance startup, announced the completion of a Series A funding round raising $8 million. The investment was co-led by the Swiss stock exchange subsidiary SIX Fintech Ventures and FiveT Fintech, with MiddleGame Ventures, Mission Gate and CoinShares participating as additional investors.
The fintech startup is best known for its AML risk management platform for cryptocurrencies. It uses blockchain analytics to help customers manage counterparty risk and create audit trails for their transactions.
Demand for Coinfirm’s products is only increasing with the growth of the cryptocurrency sector. Its monthly recurring revenue grew 70% in the first half of 2021. Despite all the transparency and traceability associated with blockchain, there are risks because transactions are pseudonymous. The flurry of customers entering the market raises the possibility of illicit activity such as money laundering and ransomware.
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