Trade surveillance platform Solidus Labs has formed a strategic partnership with OAX Foundation to bring ‘digital asset trading into the mainstream.’
This deal marks Solidus’ first partnership in Asia and the importance of the region for digital assets, the company said.
OAX Foundation was launched in Hong Kong with the goal of developing and promoting digital asset trading for all consumers. The group is hoping to build a sustainable digital asset industry which is built of strong governance.
As part of this partnership, the two companies are working together to raise awareness on the role of openness and transparency should play on digital asset trading. Solidus sees market manipulation as one of the main barriers to the adoption and is combating this through surveillance tools.
Solidus uses machine learning technology to detect, address, investigate and report market manipulation within the digital asset trading space. The platform adapts to new types of manipulation and offers case management tools to track, manage and audit when needed.
Streamlined reporting tools are available to support regulatory requirements such as OATS, MiFID II, CAT and SAR.
Its platform is used by exchanges, broker-dealers, hedge funds, and market makers in Europe, the US, and Israel. Through its solution, it helps them lower risk, improve transparency and boost compliance efforts.
Solidus Labs founder and CEO Asaf Meir said, “Combating market manipulation is crucial to increasing the credibility of digital assets and ushering institutional investments.
“The ML-powered surveillance software we developed is already helping exchanges, broker dealers and market makers tackle manipulation. OAX Foundation is fast emerging as one of Asia’s leading solution providers to the digital asset industry. Our partnership with them is a major step towards achieving this common goal.”
Earlier in the year, Solidus Labs closed its $3m seed round which was led by Hanaco Ventures and supported by Global Founders Capital. The funds were raised to support its efforts in the adoption of digital assets by combating trade manipulation and market integrity.