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Gatenox raises $2.5m from investors to aid crypto KYC/AML compliance

Gatenox, the UK-based verified credentials solutions provider for institutional and retail clients, has raised $2.5 million in a seed funding round led by German-based venture capital firm C3 VC Fund.

A100x Ventures also contributed to the funding, with participation from several leading angel investors, including Aleph Zero co-founders Matthew Niemerg and Antoni Zolciak.

The financing will help the company ramp up its services as it looks to bring Know-Your-Business (KYB) and sanctions processes to the crypto market, according to details shared with Invezz via a press release on Thursday.

A unique KYC/AML onboarding solution for crypto

Gatenox says its solutions are designed to simplify Know-Your Customer and Anti-Money Laundering (KYC/AML) processes, with automation helping make onboarding effective and less costly for corporate clients and SMEs.

The company’s suite of products allow companies and businesses to onboard the KYC/AML data only once, with automated re-use across multiple needs cutting overall costs to nearly zero for every user. The capacity to scale the KYB solutions across the crypto industry will thus help streamline regulatory compliance for institutions and SMEs, especially as the market navigates the latest leg of the crypto winter.

The dramatic collapse of projects like Terra (LUNA), crypto hedge fund Three Arrows Capital (3AC), and crypto lenders Celsius and Voyager, among others, also means regulatory scrutiny has increased manifold.

According to Gatenox CEO Pawel Kuskowski, this only means that the crypto sector can greatly benefit from proper management of counterparty risk. He said in a statement:

Currently, the corporate onboarding solution is dramatically neglected. It takes months to onboard to crypto exchanges. In many situations, it is impossible for corporate clients to get access and benefits of DeFi and crypto in general due to the market-specifics.”

Gatenox plans to roll out its unique solution in Q3 this year and says 30,000 regulated crypto firms will have access to instant and frictionless onboarding of KYC/AML data. The platform targets 350 million corporate clients.

The post Gatenox raises $2.5m from investors to aid crypto KYC/AML compliance appeared first on Invezz.

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