Spectral, a company specialising in the decentralised finance space, has raised $23m from a funding round.
The round was led by General Catalyse and SocialCapital and also saw participation from Samsung Next, Gradient Ventures, Franklin Templeton, Section 32, Circle, Jump Crypto and Shrug Capital amongst others.
Spectral offers MACRO score, which it describes as a multi-asset credit risk oracle. The MACRO score is calculated using many different pieces of on-chain transaction data.
Spectral claims the newly raised capital will help the company fund its vision of a decentralised platform of Machine Learning models that can transform credit scoring into an open and publicly accessible network.
Spectral said, “So far, financial reputation and credit scoring have been monopolised by opaque and siloed institutions. Authoritarian governments make headlines regularly for imposing new social credit systems restricting economic freedom. With AI and blockchain technologies converging to create a distributed credit-scoring platform, we can now build a more equitable and capital-efficient future together.”
The company revealed it also recently launched its Spectral APP V0.3.0 in Open Beta.
The FBI recently warned of an increase in attacks targeting decentralised finance (DeFi) platforms to steal cryptocurrency, according to Security Week.
The agency claims that offenders are taking advantage of the increased interest in cryptocurrency and the complex functionality as well as the open-source nature of DeFi platforms to perform nefarious activities.
The FBI also remarked that cybercriminals are exploiting security flaws in the smart contracts governing DeFi platforms to steal virtual currency and cause investors to lose money.
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