Crypto-analytical startup CipherTrace raised $ 15 million with support from Mike Novogratz and others
CipherTrace, a company dedicated to questions security in the field of cryptocurrencies and blockchain, attracted $ 15 million funding from Galaxy Digital by Mike Novogratz, Aspect Ventures, Neotribe Ventures and WestWave Capital.
CipherTrace provides analytical tools for cryptocurrencies and blockchains and claims that her products already used by governments, regulators, law enforcement agencies and auditors involved in combating money laundering and tracking criminal activity.
According to the statement company, it collects various data and uses machine training for deanonymization transactions in blockchains and control per cash flows associated “with both full-fledged entities and criminals”.
Aspect Ventures lead venture partner Mark Krainak to join CipherTrace Board of Directors on deal. By him words, safety and regulatory conformity are the “key obstacle to the mass distribution” of technology.
“The right technology to counter laundering money is critical for digital output assets into the mainstream. Institutional investors are increasingly looking to platforms such as CipherTrace to monitor the purity of transactions their contractors “, – stated Greg Wasserman, Galaxy Digital’s co-director of core investments, adding, what him the company already uses the services of CipherTrace.