Blockchain startup Securrency has announced on Tuesday the closure of its Series A funding round after raising $17.65 million.
Led by WisdomTree Investments, an asset manager and sponsor of exchange-traded investment products, the financing round also attracted many other well-known participants, including the venture fund of the Abu Dhabi Investment Office and Japanese financial giant Monex. Venture capitals like Panthera, RRE, and Strawberry Creek also participated.
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Founded in 2015, Securrency is working to bring the decade-old technology to the financial industry with its identity and compliance framework.
Commenting on the company’s roadmap, Dan Doney, CEO of Securrency, said: “We have been building over the past several years a unique framework that is not restricted to one blockchain or platform in order to allow for the remarkable innovations across this space to come together in a way that encourages the major institutions, market makers, and other market players to swiftly and confidently transition into this new technological paradigm.”
Blockchain into the ETF market
With the strategic investment, WisdomTree is planning to integrate the blockchain technology in the exchange-traded fund (ETF) ecosystem. This, according to the investor, will bring the instruments to a wide range of investors and will also improve investment experience.
“WisdomTree has truly exciting applications for our technology. Our partnership with WisdomTree will allow us to demonstrate unique features of our technology, specifically our Compliance Aware Token framework and multi-ledger capabilities,” Doney added.
Apart from the fresh funding, the Washington DC-based startup secured a total of over $15 million from various venture capitals previously, per Crunchbase.
“Our investment in Securrency is the result of a multi-year review of blockchain technology and the associated landscape. In our review, we found instances of unnecessary applications of the technology and poor compliance with existing regulations; however, there are numerous elements of blockchain technology that, when correctly applied, will bring benefits to investors,” Jonathan Steinberg, founder and CEO of WisdomTree, said.
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