Crypto Compliance Platform IdentityMind Global Raises $10M USD in Series C Funding

Announcements, Investing | February 15, 2018 By:

IdentityMind Global has raised $10 million in its Series C funding round led by Benhamou Global Ventures and Eastern Link Capital. Hanna Ventures, Overstock.com, and Zanadu Capital Partners also participated in the funding round.

IdentityMind Global is a provider of anti-money laundering (AML) and compliance services for bitcoin and crypto companies, and offers an advanced compliance platform for digital currencies. It recently released a know-your-customer (KYC) plug-in for initial coin offerings (ICO), which enables companies to perform required KYC and AML checks on ICO participants.

Garrett Gafke, President and CEO of IdentityMind Global, said they will used the latest funding to drive expansion within international markets, sales, and marketing.

“We feel privileged to be working with an elite group of high quality investors who have a proven track record of success,” said Gafke. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind is uniquely positioned to meet growing global market demand.”

According to estimates from market research firm Frost & Sullivan, the global regulatory technology (RegTech) market could reach $6.45 billion by 2020. The upcoming EU General Data Protection Regulation (GDPR), which dictates how companies address data privacy and protection in Europe, is expected to further accelerate the growth of RegTech in financial services and virtually every industry.

IdentityMind Global claims that the company is fully compliant with the GDPR and supports customers looking for a GDPR compliant RegTech solution.

“The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy,” said Yudong Hou, Managing Partner of Eastern Link Capital. “IdentityMind has been identified as a ‘go to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters, and money launderers worldwide.”

“ICOs and cryptocurrencies are going mainstream and IdentityMind is one of the key players in helping ensure transparency, legitimacy, security and compliance which will only lead to faster and greater marketplace adoption,” said Patrick Byrne, CEO of Overstock.com. “In the last six months, IdentityMind has worked with over 40 ICO customers, evaluating more than 150,000 users around the world who contributed almost a billion dollars in digital currency.”