Feb. 25, 2019
Solidus Labs has raised $3 million in seed funding for a machine learning-backed trading surveillance platform developed by a group of former Goldman Sachs engineers, according to a company release.
Hanaco Ventures led the round, with participation by Global Founders Capital and angel investors that included veteran Wall Street executives David Krell and Norman Sorensen.
The company plans to use the funding to address market integrity and trade manipulation, a continual problem that Solidus says has prevented greater institutional and mainstream adoption of business dealings in the digital asset space. The company said the platform is already deployed with a number of exchange, broker-dealer and hedge fund clients in Europe, Israel and the U.S.
The funding will be used to expand the company's engineering and machine learning teams as well as for sales, marketing and customer service.
The company cites a December study by the Blockchain Transparency Institute showing that 80 percent of the top Bitcoin pairs listed by CoinMarketCap are driven by manipulation.
"Digital assets offer capital markets enormous value, but also add numerous new layers of complexity to offer trading workflows," said Asaf Meir, founder and CEO of Solidus Labs.
Hanavo Ventures is an early-stage fund with offices in Tel Aviv and New York. The fund has invested in several tech companies, including Via Transportation, Yotpo, Fundbox and Lemonade Insurance.
Topics: Bitcoin, Financial News, Technology Providers
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