Singapore-based blockchain monitoring startup Merkle Science raises USD 804K(S$1.1mm) seed funding from LuneX(Golden Gate ventures’ blockchain arm), SGInnovate, Digital Currency Group, Kenetic and Entrepreneur.
Merkle Science works with law enforcement agencies and blockchain companies to provide a risk-monitoring solution to detect and prevent the illegal use of digital assets. The company combines both off-chain and on-chain data for better analysis, and is one of the first players to apply fraud sciences to analyse blockchain data.
The startup will use the proceeds to build out their technology and expand their sales team across Asia. The co-founders have combined previous experience from Luno (Naspers-backed crypto exchange), Paypal, Bank of America and Instamojo.
Mriganka Pattnaik, Co-Founder and CEO, Merkle Science said, “We believe that the co-investment by LuneX and SGInnovate would be synergistic for our growth and development, as we look to build Merkle Science as a global brand from Singapore. Kenetic, DCG and Entrepreneur First would further help us establish ourselves as a trust provider globally.”
“As cryptocurrency adoption has grown is Asia, so has the need for sophisticated data analytics tools that allow industry players to minimize AML risk. Merkle Science will provide these much needed tools, enabling more crypto companies to establish banking relationships and more established institutions to get involved in this technological revolution. We’re excited to support this promising young company.” -Travis Scher, VP of Investments at DCG, New York.
“This space is quite attractive due to the increasing cryptocurrency AML regulations coming about worldwide. Due to this, new compliance tools for blockchain monitoring would be required not just by digital currency companies but also regulated financial institutions entering the space. We believe the team at Merkle Science is uniquely positioned to build out a technically advanced solution that is easy to use,” said Kenrick Drijkoningen,