Notabene raises $10.2 million from CMT Digital and other investors

Notabene has raised $10.2 million in a Series A round, led by F-Prime Capital and Jump Capital.

🥂🍾 Today is a BIG day for Notabene! 🥂🍾
We’re thrilled to announce our Series A funding round.

Our 17 person team creates privacy-preserving tools for crypto companies to comply with regulations, freeing their focus to build compliant products and scaling to new markets. 💥🚀 https://t.co/qHpjEjvG55

— Notabene (@notabene_id) November 8, 2021

Notabene participated in the round with cryptocurrency exchanges Luno and Bitso, which are Notabene’s clients, as well as BlockFi, Gemini Frontier Fund, Illuminate Financial, CMT Digital, Fenbushi Capital and others.

The company’s valuation reached $45 million, according to TechCrunch. The raised funds will be used to scale its technology.

Notabene develops software that enables crypto companies to comply with the ‘Travel Rule’ of the FATF. The company’s CEO Pelle Brandgaard noted that the services provided also ‘help strengthen trust among consumers who want to be sure they are transacting with the right counterparty and avoid the risk of fraud’.

In June 2019 the FATF decided to require bitcoin exchanges and other VASPs to comply with anti-money laundering and counter-financing of terrorism rules, in line with traditional financial institutions.

In March the Group proposed amendments to the regulatory guidelines for the cryptocurrency industry. In particular, experts clarified the wording of decentralised exchanges and the mechanisms that underpin the operation of platforms and applications.

In October the FATF completed the development of the guidance. It explains how regulator requirements apply to stablecoins, and does not introduce new standards for VASPs and the industry at large.

Tether, the issuer of the USDT stablecoin, announced testing of Notabene’s digital-identity solution for anti-money laundering purposes.

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