Solidus Labs raises $20 million as demand spikes from traditional financial institutions
Solidus Labs, a digital asset risk surveillance firm founded by ex-Goldman Sachs engineers, has raised $20 million in a Series A round led by the VC Firm Evolution Partners, with additional participants including 645 Ventures, FTX, Avon Ventures, Naval Ravikant, and multiple former regulators including CFTC Chair Chris Giancarlo
Asaf Meir, Solidus Labs’ founder and chief executive, reports a 400% increase in inbound demand for the company’s technology in 2020, including a 10X spike in interest from banks and traditional financial institutions.
“Crypto and digital assets aren’t just transforming financial services, they’re also driving a major transformation in how capital markets, and finance as a whole, will be regulated” he says. “As both innovators and regulators strive to harness these new technologies and make finance more accessible, transparent and efficient, crypto has also exposed the soft underbelly of legacy risk monitoring solutions, which Solidus Labs addresses”
Meir says the funding will be used to significantly expand its Tel Aviv and London R&D offices, as well as to grow its sales, regulatory affairs and product teams.