Solidus Labs Secures $3 Million In Funding To Eliminate Cryptocurrency Market Manipulation
Solidus Labs Raise $3 Million In Seed Funding To Eliminate Cryptocurrency Market Manipulation.
In a bid to make cryptocurrency price manipulation a thing of the past, Solidus Labs, a firm created by former Goldman Sachs fintech experts, focused on developing artificial intelligence (AI) powered trade surveillance solutions for crypto assets, has raised $3 million in its funding round led by Hanaco Ventures, according to reports released on February 20, 2019.
Solidus Set To Wage War Against Crypto Market Manipulation
Per sources close to the development, despite the current downturn in the price of bitcoin and other digital assets, Solidus Labs, a startup whose primary objective is to develop highly functional solutions targeted at curbing crypto market manipulation via machine learning and artificial intelligence (AI), has raised an impressive $3 million in seed funding.
Specifically, the funding round was led by Hanaco Ventures, a venture capital (VC) firm founded in 2017 to help early-stage technology companies to get the financing needed to achieve their goals.
Also, other highly reputed entities including Global Founders Capital, a VC that claims to empower “gifted” entrepreneurs across the globe, as well as Wall Street big whales, David Krell, and Norma Sorensen, made significant contributions.
Solidus Says Funds Will Be Used To Expand Its Operations.
With the steady increase in cryptocurrency and blockchain technology adoption, it’s only a matter of time before the nascent technologies go completely mainstream.
Against that backdrop, Solidus is poised to keep growing its platform in order not to be left behind in the ever-evolving crypto space.
The firm has reportedly hinted that it would use the funds secured during its latest funding round to expand its engineering and machine learning expertise, and invest significantly in activities that would boost its sales, marketing, and customer service teams.
The Solidus team has also revealed that most cryptocurrency exchanges still make use of obsolete trading surveillance systems that may be okay for the traditional financial industry but not suited for the superfast and volatile world of digital assets, as such, they continually fail to adequately accommodate the operational and regulatory needs of the crypto markets.
Solidus To Change The Game
However, the CEO and founder of Solidus, Asaf Meir has claimed that Solidus will put the menace of cryptocurrency market manipulation to an end, with its innovative solutions.
“Our machine learning-powered surveillance system has the power to continuously learn as new patterns emerge and reveal new manipulation schemes or openings for manipulation. It enables responding as things happen rather than retroactively,” declared Meir.
At current, Solidus claims a vast array of firms in the U.S., Europe, and Israel, including exchanges, hedge funds and broker-dealers, have already integrated its web-based surveillance solution into their operations and the system has helped to reduce trading manipulation by as much as 30 percent.
Also commenting on the matter, Lior Prosor, general partner at Hanaco Ventures said that:
“Although it might sound clichéd, the digital asset ecosystem is in dire need of good of good ‘pick and shovels’ rather than more end applications,” he said, adding “We believe that regulation and security are the major ‘enablers’ in the crypto space and that regulating a market powered by groundbreaking technology requires groundbreaking compliance infrastructure.”