The Ukrainian startup Global Ledger signed an M&A-agreement on a strategic partnership with the Swiss financial group Promethiem AG. The contract provides financing of $3.5 million and entry into new markets. According to reports AIN.UA.
Global Ledger helps banks work with cryptocurrencies, and curb cybercrime in the space. The startup was founded three years ago by Alexander Fisun and Dmitry Bilokon with the support of the IdeaSoft business incubator.
Andrey Lazorenko, CEO and co-founder of IdeaSoft, said that because of the product’s complexity the team required more than a year before the startup secured its first customers.
“Since then we have worked with government agencies in several European countries, with banks in Switzerland and large financial institutions,” Lazorenko added.
The Global Ledger team has now developed a tool comprising user-generated databases, reports and alerts to help verify counterparties.
According to the developers, the product guarantees confidentiality of information stored on the client side. This helps comply with the General Data Protection Regulation (GDPR). Overall, the system reduces reaction times to cybercrime and increases awareness of money laundering.
Global Ledger joined Promethiem’s group of companies as a joint venture, but retained its full independence. The parties united to work on a joint project.
“Our ultimate mission is to prevent criminal activity by using blockchain technology. Together with new partners we can elevate work with cryptocurrencies to a level where financial institutions and law enforcement agencies can instantly detect and respond to money laundering,” said Alexander Fisun, CEO and co-founder of Global Ledger Protocol.
Last week, the blockchain-solutions provider for game publishers Forte attracted $725 million from a16z, Solana Ventures and other investors.
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