Cryptocurrency risk management company Cloudwall Capital has reportedly raised $6.3m in its seed funding round.
The investment was led by LocalGlobe and Illuminate Financial, according to a report from AltFi.
With the funds, the company hopes to hire 15 more people by the end of the year. Capital will also be used to further the development of its platform and support its launch in the summer.
Cloudwall aims to solve the gap between traditional finance and decentralised finance, boosting institutional investors’ confidence in the assets.
According to its website, Cloudwall hopes for a future where every asset has been tokenised on the blockchain. To support this, it is providing capital to builders and innovators and tools and insights to support this.
The firm will supply institutional investors with a platform to manage digital asset portfolios.
Cloudwall Capital co-founder and head of research Ilya Kulyatin told AltFi, “In the course of our market research, we identified the lack of institutional-grade risk and analytics products for investors in cryptocurrencies as a serious issue – with traditional finance models insufficient at best, and misleading most of the time for this growing market.
“There is a need for a new risk modelling and valuation paradigm. The platform we are building, Serenity, will be the first and most advanced solution for this new world of digital assets.”
Earlier this week, Pluto scored $4m in its seed funding round. The mobile app helps investors create portfolios of cryptos and stocks.
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