Blockchain Technology Startup Coinfirm Secures $700,000 In VC Funding

Journalist:
Lester Coleman
February 22, 2017

Coinfirm, a London-based blockchain technology company focused on compliance as a service, has secured a $700,000 investment from Luma Ventures, a venture capital firm, and has opened its current round to other investors.

Coinfirm has positioned itself to be a player in the blockchain ecosystem and regulatory technology, having launched a hub in Central Europe for development and research of distrbuted ledger technology.

AML Risk And Compliance

Coinfirm’s AML risk and compliance platform streamlines the compliance process using big data analysis and machine learning, addressing a major roadblock in cryptocurrency and blockchain adoption. Coinfirm’s platform reduces costs and time and improves efficiency. Clients and partners include Bisnode and Dash.

Coinfirm marks Luma Ventures’ expansion into the blockchain technology space. While not widely known in the U.S. or U.K., Luma Ventures has more than $1.1 billion in transactions.

With its development operations and blockchain lab based in Warsaw, Poland, Coinfirm gains an institutional investor that can contribute on a regional and international level.

“We’re growing at a very fast rate and need to scale up quickly to continue to lead and expand on the global market,” said Pawel Kuskowski, Coinfirm co-founder and CEO.

Also read: Coinfirm opens first block chain in Central Europe

Venture Capital Support

“Luma brings not only a valuable VC investor, but also a synergistic one that brings many benefits to the table, and we’re looking to bring in co-investors that provide the same dynamic,” Kuskowski said. “They give us a new set of extensive experience, network, and assets in tech and financial ecosystems as well as a partner who can assist us on in our further development from the ground up.”

“We are confident that with our support they (Coinfirm) will secure their leading position in the blockchain AML risk and compliance space,” said Tomasz Cichowicz, a partner at Luma Ventures.

“This is an important investment for Luma as it allows us to play a strategic role in the imminent transformation of the fintech sector,” he said.

Image from Shutterstock.

Last modified (UTC): October 14, 2019 02:25

Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.