Crypto market surveillance firm Solidus Labs raises $15 million

Nov 5, 2021 | The Block News | 0 comments

Solidus Labs, a New York-based firm seeking to reduce risk in crypto-native markets, announced Friday that it raised $15 million in strategic funding. 

The investment firm Liberty City Ventures led the strategic funding, which drew additional participation from the early stage-focused venture firms GSR and Exor Seeds. 

With $20 million in Series A funding secured in May, Solidus now touts a valuation of $40 million.

Chen Arad, COO of Solidus, told The Block that the startup will use the funds to bolster crypto-native market risk monitoring tools — particularly with decentralized finance (DeFi) and non-fungible token (NFT) financial compliance — as well as to continue growing their team, which currently has 50 people. 

Solidus’ funding coincides with a broader trend of investments into crypto surveillance firms this year.

Blockchain analytics firm Elliptic raised $60 million in funding in October, and its rival Chainalysis not only raised $100 million in June — reaching a $4.2 billion valuation — but joined Dapper Labs to monitor the firm’s NFT transaction. In addition, the blockchain surveillance company TRM Labs raised $14 million in June of this year.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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