Solidus Labs, a surveillance company focused on monitoring crypto market manipulation, has closed a $20 million Series A round of funding.
FTX, Evolution Partners, 645 Ventures and former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo all made investments. As previously reported, FTX itself is in the process of raising $1 billion in financing capital.
Solidus was founded in late 2017 to sell external monitoring and compliance technology tailored to the digital asset market. It aims to help companies in the sector identify and report market manipulation by malicious traders.
Asaf Meir, a former engineer at Goldman Sachs and CEO of Solidus Labs, told The Block, “We don’t use publicly available data, but rather access the internal financial data of institutions and conduct surveillance to detect manipulation.”
Meir added that part of the Series A funding will be used to enhance Solidus’ “cross-market surveillance” tool, which regulators require to know if bad actors are manipulating multiple trading venues at the same time.
“Regulators in this space prefer to use machine learning and supervised algorithms to detect market abuse.”
Solidus last raised funding in February 2019, when a $3 million seed round was led by Hanaco Ventures.
The company’s initial customers were primarily crypto exchanges and OTC desks, but is now seeing increased demand from DeFi operators, NFT companies and even central bank digital currency (CBDC) issuers.
Meir (Meir) says this means a 400% increase in demand by 2020.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/crypto-market-monitor-solidus-labs-closes-20-million-series-a-funding-round-with-ftx-and-others/
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