TLDR:
- Keyring, a compliance platform, raised $6 million in VC funding to expand on-chain compliance for institutions.
- The company aims to help institutional investors interact with DeFi platforms in a compliant way.
Summary:
London-based Keyring recently secured $6 million in venture capital funding to enhance its on-chain compliance platform targeted at institutional investors and protocols. The seed investment round was led by Gumi Cryptos Capital and Greenfield Capital, with the participation of other investors like Motier Ventures and Kima Ventures. The company’s goal is to assist financial institutional investors in interacting with DeFi platforms in a compliant manner, including restricting counterparty addresses and safeguarding sensitive data using zero-knowledge proof technology.
As regulatory bodies in major financial hubs are establishing rules for companies engaging with digital assets, Keyring’s platform comes at a crucial time. For instance, Hong Kong’s central bank is launching a regulatory sandbox for stablecoin issuers, while the U.K.’s financial watchdog is permitting crypto-focused exchange-traded notes (ETNs) for sophisticated investors on regulated exchanges. Keyring recently carried out a proof of concept trial with Laser Digital, the crypto arm of Nomura, by constructing a compliance wrapper on top of USDC stablecoin.
Miko Matsumura, managing partner at gumi Cryptos Capital, emphasized the significance of providing compliant options for financial players to leverage blockchain technologies. Keyring’s platform offers these players the ability to interact with verified and compliant counterparties, thereby unlocking the advantages of blockchain technologies for the broader financial industry. Overall, Keyring’s funding round and focus on institutional compliance underscore the increasing importance of regulatory compliance in the crypto space.
