Solidus Labs raises $20 million from FTX, NYDIG and other investors

The startup Solidus Labs, which specializes in monitoring market manipulation in the crypto industry, closed a Series A round worth $20 million, according to CoinDesk.

The round was led by venture firm Evolution Partners with participation from FTX, NYDIG, Fidelity Investments, Hanaco Ventures, and former CFTC Chairman Christopher Giancarlo.

The funds will be used to open an office in East Asia and expand the team to 60-70 people by the end of 2021.

Former Goldman Sachs bankers founded Solidus Labs in 2018. They believe that the lack of proper controls and risk-reduction tools is the main barrier to broad crypto adoption.

In April, the blockchain startup Securrency attracted $30 mln from leading Wall Street players.

Earlier, privacy-focused project Aleo closed a funding round for $28 million.

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