Blockchain security firm CipherTrace raises $15 million

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Blockchain security firm CipherTrace raises $15 million

CipherTrace Raises $15 Million From Top Blockchain
and Cyber Security Venture Capitalists

Blockchain security company CipherTrace, today announced a major venture capital funding to enable fast growth. The business has raised $15 million in venture capital from top Silicon Valley and New York equity capital firms with deep cybersecurity and crypto asset expertise. The round was led by Aspect Ventures and includes other noteworthy financiers such as Galaxy Digital, Neotribe Ventures, and WestWave Capital. Aspect’s Mark Kraynak will sign up with the Board of Directors.

CipherTrace establishes cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. These products are utilized by government, regulators, police detectives and auditors to implement AML laws, fight criminal offense and lower scams. Cryptocurrency exchanges likewise utilize the platform to abide by AML laws. Banks use CipherTrace to reduce dangers associated with consumer cryptocurrency activity.

CipherTrace blockchain analytics de-anonymize funds flow by actively gathering millions of data points weekly, and after that using device discovering to its massive data swimming pool to trace circulations to genuine entities along with criminal business.

“CipherTrace is pleased to announce this strong backing from top-tier investors who share our vision that cryptocurrencies and blockchains need to be secured, regulated, and made safe so that they can scale globally. Our investors have decades of experience investing in proven teams and technology companies in the Internet security and financial technology industries. CipherTrace will join the ranks of these successful companies.”

David Jevans, CipherTrace CEOFunds to Meet Rapid Growth and Customer Demand

As the emerging leader in cryptocurrency security, intelligence, and regulative compliance, CipherTrace has been growing rapidly and profitably provided the extraordinary worldwide demand for its services and products. The business will utilize the new funds to broaden its global reach and extend item performance.

Cipher Trace-Analysis-on-Thefts-and-Scams-Nearing-2-Billion-World-Wide

“Galaxy Digital is a CipherTrace customer and an investor, ” stated Greg Wasserman, Co-Head of Principal Investments at Galaxy Digital. “Appropriate AML technology is critical for the mainstream adoption of digital assets. Institutional investors are increasingly looking to platforms like CipherTrace to monitor the integrity of transactions with their counterparties.”

“Great blockchain companies will be forged as crypto assets achieve mainstream adoption, ” said Mark Kraynak at Aspect Ventures. “We believe security and compliance with anti-money laundering and other financial regulations, as enabled by CipherTrace, will be a key first hurdle to mass adoption.”

“The CipherTrace team executes better than 99% of venture-backed start-ups, ” said Aditya Singh of Neotribe. “This successful management team has worked well together at previous startups and has visible operational and scaling advantages over their less-experienced competitors.”

Warren Weiss from WestWave Capital also said, “I am pleased to be able to work with this elite team of cybercrime experts. It is exciting to watch them make sense of and navigate this extremely high growth and rapidly evolving global regulatory landscape.”

Tuff Yen of the Seraph Group commented, “We backed this management team at IronKey and are confident in their ability to win in this market.”

Founded in 2015, CipherTrace is comprised of experienced entrepreneurs from the security and FinTech industries. The team at CipherTrace first began tracking Bitcoin criminal activity in 2011.

 

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