Securrency, a leading blockchain-pegged startup platform providing revolutionary financial and security compliance tools to issuers, institutions, and brokers, has announced that it has pooled in a whopping sum of $17.65 million in a Series A funding round. The funding was led by Wisdom Tree which serves as a renowned sponsor for the exchange-traded fund and exchange-traded products.
Apart from New York-based Wisdom Tree Investments. Inc., the investment round earned support from Abu Dhabi Investment Office via its Ventures Fund, Japan-based financial services provider- the Monex Group Inc., RRE Ventures, Strawberry Creek Ventures, and Panthera Capital Investments.
According to the reports, the collected funds shall be used by Securrency in strengthening its network capacities and operational capabilities. The dedicated team of experts at Securrency aims to revolutionize the technological expertise of the firm focused towards popularizing the tokenized securities that offer better accessibility and higher liquidity. With the funds collected, the firm plans to resolve the issues related to identity compliance, which are widespread in the case of tokenized assets.
Also, Securrency will invest the funds in channelizing development and innovation in its products and offerings by collaborating with the partners and customers to strengthen the operational ecosystem.
“We are working very closely with them [WisdomTree] to deliver regulatory-compliant financial instruments that are representative of the asset types that they currently offer in the market and therefore bridging the legacy financial services environment to the distributed ledger environment,” stated Securrency co-founder and COO John Hensel.
Jonathan Steinberg, CEO and founder of WisdomTree, stated that “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. Using the technology, we believe we have identified areas for exciting innovation within the ETF ecosystem and in financial services more broadly, all with a focus on meeting the highest standards of regulation.”
Securrency has gained a lot of popularity in the recent times for providing institutional-grade blockchain solutions for issuers of tokenized assets through the built-in compliance components.