Blockchain-based start-up Coinfirm has raised $700,000 in a seed-funding round from Luma Ventures to further expand services and build features on its platform, the company has announced.

As the blockchain ecosystem continues to grow exponentially and the regulatory technology market is expected to rise to $100 billion over the next few years, Coinfirm has positioned itself to be an important player in both spaces.

Coinfirm’s blockchain anti-money laundering (AML) risk and compliance platform solves one of the biggest obstacles in cryptocurrency and blockchain adoption. It streamlines the compliance process by taking it to near-automation with big data analysis and machine learning. This platform not only saves cost and time, but also maximises efficiency and changes the compliance landscape has operated until now.

Coinfirm provides actionable data that is valuable for many different kinds of entities and industries whether cryptocurrency, banking or business intelligence. The company has collaborated with well-known institutions like MIT Enterprise Forum, the largest Polish bank PKO BP and PWC’s Startup Collider.

Two other companies in the space recently received funding; healthcare consortium Hashed Health and Blockstack, a decentralised DNS system built on top of the Bitcoin blockchain. Hashed Health raised $2 million, while Blockstack raised $4 million.

Hashed Health’s round was led by investment firm Martin Ventures, while Blockstack’s was led by Union Square Ventures, with participation by Lux Capital, Naval Ravikant, Digital Currency Group, Compound, Version One, Kal Vepuri and Rising Tide.

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