Galaxy Digital, the cryptocurrency investment bank owned by Mike Novogratz, has made an investment in CipherTrace, a blockchain security firm. The official press release made public by the company on the 19th of February, details Galaxy Digital’s participation in the $15 million fund round.
The funding round was led Aspect Ventures, a large venture capital firm from Silicon Valley. After this funding round, a partner from the firm, namely Mark Kraynak, will be joining the board of directors for CipherTrace. Other investors in this round included VC firms such as WestWave Capital and Neotribe Ventures.
The press release read:
“Blockchain security company CipherTrace fully emerges onto the world stage with the announcement of major venture capital financing to fund rapid growth. The company has raised $15M in venture capital from top Silicon Valley and New York venture capital firms with deep cybersecurity and crypto asset expertise. The round was led by Aspect Ventures and includes other notable investors such as Galaxy Digital, Neotribe Ventures, and WestWave Capital. Aspect’s Mark Kraynak will join the Board of Directors.”
CipherTrace, from California, will be using these secured funds for improving its tools for enhancing cryptocurrency intelligence, blockchain analytics, anti money laundering (AML) solutions, other forms of compliance, forensics and more.
David Jevans, the CEO of CipherTrace:
“CipherTrace is pleased to announce this strong backing from top-tier investors who share our vision that cryptocurrencies and blockchains need to be secured, regulated, and made safe so that they can scale globally. Our investors have decades of experience investing in proven teams and technology companies in the Internet security and financial technology industries. CipherTrace will join the ranks of these successful companies.”
Security solutions devised by CipherTrace are used by various users, including law enforcement agencies, the government itself, regulators, investigators and auditors seeking to heighten compliance and reduce crimes in the sector.
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