Merkle Science, a Singapore-based blockchain startup, has closed $ 5.7 million A series of funding rounds to expand the blockchain data analysis platform.
The shift was led by Darrow Holdings, which involved Kraken Ventures, Bain’s unprotected correlation projects, Fenbushi Capital, Token Bay Capital, Kenetic and Lunex Ventures. Merkle Science also announced that Dean Carlson, head of Digital Asset Investments at Susquehanna, will join the startup’s board of directors. Brandon Gath, senior partner at Kraken Ventures, said about the shift:
“We are delighted with the advanced analytical forecasts that Merkel Science brings to monitor and analyze blockchain transactions. We believe that companies, financial institutions and government agencies offer an excellent set of products in the market that will see tremendous growth in demand to strengthen their risk management and compliance capabilities. That is why we are pleased to be able to help you on your way to becoming the most important platform for crypto risk and intelligence. ”
Merkle Science is funding its seed in 2019 and has grown rapidly since then, expanding its presence to Europe, North America and Asia-Pacific, increasing its revenue by more than 900%. The funding will be used to accelerate the development of enterprise products, develop a behavior-based rules engine, and increasingly create new solutions for the DeFi and NFT sectors. Mriganka Pattnai, co-founder and CEO of Merkle Science, mentioned the success of the startup:
“Globally, we have seen a strong demand, especially from financial institutions and law enforcement agencies, to take the lead in illegal activities and regulations related to crypto. Merkle Science’s intelligence platform is highly customizable and built to evolve with criminal crypto activities, cryptography for our users facilitating compliance and, ultimately, enabling them to focus on their core competencies. “
The importance of crypto has increasingly led to confidence in financial institutions and law enforcement block chain data analysis platforms like the one developed by Markle Science to detect illegal activity and enforce rules. Over the past year, the cryptocurrency market has seen an increase of more than 300% in size, reaching a market capitalization of $ 2 billion by the end of September 2021, which has boosted growth since the beginning of the blockchain.