Crypto regtech, Coinfirm, has announced that it has raised $8 million in its Series A funding round that was led by SIX Fintech Ventures and FiveT Fintech as the growth in the number of crypto businesses and the strict regulatory outlook of the same has spurred demand for companies such as Coinfirm.
The company has also announced that the industry veteran Mircea Mihaescu would be its new CEO as it looks to use this funding to consolidate its strong position within the EU and also look towards expanding into other regions of the world as the crypto industry also expands globally. It is clear that over the past 2 years, the crypto industry has expanded and proved to everyone that it is here to stay. Most of the governments around the world have reconciled to this fact and are now focussing on bringing in regulations and laws to control the crypto industry. As more regulations come in, the more the demand for regtech companies as the regulations vary from region to region which is likely to lead to a lot of confusion for the crypto companies, one of the prime examples being Binance.
Coinfirm says that governments, fintech companies, investment funds, and others are among its clients who use its KYC and AML technology for verifying the users before onboarding on to their companies. Crypto companies in regions where they are regulated are expected to verify their customers before onboarding through blockchain and crypto was begun as a means to bring in transparency and avoid the identification of individuals. But the financial ecosystem would not be able to live with that and hence the need for regtech companies. Coinfirm has also reported that its co-founder Pawel Kuskowski has handed over his CEO position to Mihaescu who would be expected to use his 30-year experience at banks, at IBM, and as a VC to guide the company.
Mihaescu said, “I am excited to be joining Coinfirm in its next step on the journey to power the mass adoption of blockchain whilst we remain committed to delivering the very highest value to our clients and partners.”
Through the expansion across several regions and with its focus firmly on crypto, Coinfirm would be looking to keep itself abreast of all the latest regulations for the crypto industry as the various countries begin to assimilate crypto into their economies and businesses also begin to cater more for the crypto ecosystem with sufficient regulatory oversight.