Solidus Labs, a startup specializing in monitoring market manipulation in the crypto industry, has attracted strategic funding in the amount of $15 million.
Thus, the venture capital firm Liberty City Ventures led the round, with the participation of GSR and Exor Seeds.
The startup’s chief operating officer, Chen Arad, told The Block that the startup will use funds to expand the team. Moreover, support risk monitoring tools in the cryptocurrency market; in particular in the segments of decentralized finance (DeFi) and non-fungible tokens (NFTs).
The total amount of funding is $40M
Former Goldman Sachs bankers, who believe that compliance tools, such as the launch of crypto exchange-traded funds (ETFs); will help drive mainstream crypto adoption, founded Solidus Labs in 2018. They are sure that the lack of proper control and risk reduction tools are the main barriers to the mass adoption of cryptocurrencies.
The total amount of startup funding has reached approximately $40 million.
Earlier in May 2021, Solidus Labs closed a Series A funding round in the amount of $20 million. The venture capital firm Evolution Partners led the round, with the participation of FTX; NYDIG, Fidelity Investments, Hanako Ventures and the former chairman of the Commodity Futures Trading Commission, Christopher Giancarlo. The startup promised to use the raised funds to open an office in East Asia and expand the team to 60-70 people by the end of 2021.
Appointing Kathy Kraninger as VP
Solidus raised $3 million in its first round of funding in 2019. In June, Giancarlo cautioned that without a central bank digital currency, the United States risks becoming a backwater country. Later in July, the company appointed Kathy Kraninger, a former Director of the Consumer Financial Protection Bureau, as its Vice President of Regulatory Affairs.
Recall that previously in October, Liberty City Ventures supported blockchain game developer Animoca Brands in a funding round. Investors in the round included Tron founder Justin Sun, Liberty City Ventures, Ubisoft Entertainment, Sequoia China and others. The company’s pre-money valuation reached $2.2 billion.
In addition, according to Yat Siu, co-founder and chairman of Animoca Brands, the company used interest from potential investors to establish connections with major players in the traditional gaming space.