“We believe that the co-investment by LuneX and SGInnovate would be synergistic for our growth and development, as we look to build Merkle Science as a global brand from Singapore. Kenetic, DCG and Entrepreneur First would further help us establish ourselves as a trust provider globally,” the chief executive officer (CEO) at the blockchain company Merkle Science Mriganka Pattnaik said. He is also the co-founder of the company.
Merkle Science has raised USD 804K(S$1.1mm) in a seed funding round. LuneX, SGInnovate, Digital Currency Group (DCG), and Kenetic took part in the funding round.
The blockchain company Merkle science is working with law enforcement agencies. It isn’t only working with the enforcement agencies, but it is also working with blockchain companies. A risk-monitoring solution will be offered. Whereas detecting and preventing digital assets illegal usage are purposes behind the risk-monitoring solution offering.
Previous experience from firms like Luno, Paypal, Bank of America and Instamojo is also combined.
Travis Scher, the Vice President of Investments at DCG said, “As cryptocurrency adoption has grown is Asia, so has the need for sophisticated data analytics tools that allow industry players to minimize AML risk. Merkle Science will provide these much needed tools, enabling more crypto companies to establish banking relationships and more established institutions to get involved in this technological revolution. We’re excited to support this promising young company.”
Digital Currency Group is located in New York. Speeding up the development of a better financial system is a mission of DCG. DCG uses its network and insights in order to build & support blockchain and crypto companies for speeding up the better financial system development. DCG is recognized as the most active investor in the crypto industry. It has invested in 130+ companies across 30 countries. It has made investments in companies like Coinbase, Circle, Ledger, and Ripple, according to the official LinkedIn account of Digital Currency Group.
The blockchain company Merkle Science is located in Singapore. It is recognized as one of the pioneers to implement fraud sciences for blockchain data analysis. Off-chain data and on-chain data are combined to analyze in a better way, CoinGeek reported.
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