Blockchain KYC Startup Norbloc Raises $1.6 Millionbr>
Norbloc, a blockchain startup focused on know-your-customer (KYC) solutions, has raised $1.6 million in a new seed funding round led by Greece-based Marathon Venture Capital. Other participants in the round include Digital Currency Group, Inbox Capital, Back in Black, and classifieds website Avito.
Norbloc is building KYC platforms on distributed ledgers that claim to allow easy on-boarding, updating, and monitoring of customer files. KYC profiles can be transferred between parties, leaving an auditable trail of actions and allowing monetization of KYC efforts by the initial on-boarding party.
The company said that financial institutions can achieve savings exceeding 30% on their current KYC compliance budget, while other obliged entities can cut compliance costs by up to 50%.
The company was founded in 2016 by a team with collectively more than 30 years of experience in banking and consulting, and equally lengthy experience in blockchain software and hardware development. Norbloc is a member of the Hyperledger, the Linux Foundation-backed consortium building blockchains for enterprises.
Astyanax Kanakakis, Norbloc’s co-founder and CEO, has spent more than 10 years in finance and consulting, most recently as associate partner in McKinsey & Company, specializing in banking and corporate finance. During the last 3 years he has been closely following the bitcoin blockchain and since end of 2015 has been the chief commercial officer in KnC Group, a bitcoin blockchain company. He is passionate about technology, cryptography and financial markets.
Kanakakis said the company will use the funding to continue to build the business and acquire talent across the four markets that they are now active in.