Crypto-Native Risk Monitoring Firm Solidus Labs Raises Additional $15 Million in Strategic Round
Crypto-native risk monitoring and market surveillance leader Solidus Labs announced it has closed a strategic round of $15 million, six months after announcing a $20 million A-round in May. Liberty City Ventures is leading the strategic round, which also includes Exor Seeds and GSR, one of the world’s leading crypto trading firms.
Solidus Labs, named by Citigroup as category-definer for crypto market surveillance, will utilize the additional funds to address skyrocketing demand for advanced crypto-native risk monitoring solutions. The firm’s solutions enable the world’s leading crypto platforms, as well as a growing segment of banks and traditional financial institutions, to address mounting regulatory pressure to improve market integrity and consumer protection in digital asset markets globally.
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The NY-based firm has already doubled its team since the beginning of 2021 and aims to accelerate growth plans and expand its offering to new use-cases including DeFi platforms and law enforcement. The company reports a consistent 400% inbound demand increase throughout 2020 and in 2021 so far.
“Tightening regulation, intensifying enforcement, institutional adoption, and a retail demand for more protections all mean that the key to crypto growth is better risk monitoring and compliance, and we’ve been feeling that through our pipeline,” says Asaf Meir, Solidus Labs’ Founder and Chief executive. “Simply put, this strategic round will allow us to serve more clients sooner and address many new use-cases in the DeFi and NFT risk frontiers, which require Solidus’ unique combination of crypto know-how and expertise in traditional trading dynamics and manipulation typologies.”
Solidus Labs is based in New York, with offices in Washington, D.C., Tel Aviv, and London. Meir founded the company in 2018, bringing together a team of former Goldman Sachs engineers and cyber security veterans to bridge the regulatory, risk and compliance gap between crypto and digital assets and the traditional financial world.
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“Solidus was prescient in developing the necessary tools for market surveillance and risk monitoring that traditional financial firms and regulators require as they increase their participation in crypto asset markets.” Added Emil Woods, Partner at Liberty City Ventures, which also has investments in leading firms building the infrastructure for crypto markets like Paxos, Lukka, Figment, Fireblocks and Consensys. “The firm is well-positioned to meet the burgeoning needs of regulatory agencies, firms expanding their presence in crypto, as well as new entrants through groundbreaking crypto-native technology combined with a traditional finance background.”
The firm recently hired former ex-CFPB Director Kathy Kraninger as VP Regulatory Affairs, and its investors and advisors include senior financial regulators like former CFTC Chairman Christopher Giancarlo, former SEC Commissioner Troy Paredes, former CFTC Chief Innovation Officer Daniel Gorfine, and leading entrepreneurs like StarCompliance Founder Marc Epstein, International Securities Exchange Founder David Krell, and AngelList Founder Naval Ravikant.
“We regularly see the kind of market integrity challenges the Solidus team and solutions address,” said Rich Rosenblum, Co-founder of GSR. “Their crypto-native approach, combined with their pursuit in leading the industry’s charge to raise standards and work with regulators makes them a vital player for growth.”
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