Keyring Secures $6 Million to Enhance Its Crypto Compliance Framework for Institutional Access in DeFi
In Brief
Keyring has successfully acquired $6 million in funding which will be used to enhance its platform, specifically designed to assist institutional investors in navigating DeFi platforms while adhering to compliance regulations.
Encryption compliance platform Keyring The company successfully garnered $6 million in its latest investment round, led by Gumi Cryptos Capital and Greenfield Capital, with backing from Motier Ventures and Kima Ventures, along with other key investors. They plan to utilize this financial boost to expand their on-chain compliance platform tailored for institutional investors and various protocols.
Keyring strives to empower institutional financial investors by facilitating their engagement with decentralized finance (DeFi) platforms in a compliant way, utilizing strategies that restrict counterparty identifiers while protecting privacy and sensitive information through innovative methods. zero-knowledge (ZK) proof technology.
Miko Matsumura, managing partner at Gumi Cryptos Capital, emphasized, 'Trillions of dollars remain sidelined from enjoying the transparency, certainty, automated processes, and settlement benefits that blockchain technologies can offer for financial purposes due to differing regulatory landscapes.'
'Keyring enables these financial entities to connect with verified and compliant counterparties, thereby unlocking these advantages for a significant portion of the financial sector,' he further stated.
Recently, the company carried out a proof of concept with the cryptocurrency division of Nomura, a prominent global financial services firm from Japan. This collaboration focused on creating a compliance wrapper atop Circle's USDC stablecoin that is pegged to the US dollar. Laser Digital Global Regulatory Developments Propel Growth of Crypto Services in 2024
This latest influx of investment arrives at a time when leading regulatory authorities in key financial hubs are establishing frameworks that allow firms to engage with digital assets, which is expected to motivate more institutions to offer cryptocurrency services.
The central bank of Hong Kong has recently unveiled a regulatory sandbox tailored for issuers, offering them a controlled setting to pilot their operations. This sandbox provides regulatory flexibility and is in line with Hong Kong's objectives to regulate fiat-backed stablecoins—cryptocurrencies tied to the value of sovereign currencies such as the US dollar or the Hong Kong dollar.
Similarly, the UK's financial watchdog has implemented new rules enabling the issuance of cryptocurrency-focused exchange-traded notes (ETNs) on regulated platforms, directed at sophisticated investors. These ETNs represent a type of exchange-traded product, typically created by financial institutions, designed to mirror an underlying index or assets. The regulator has made it clear that exchanges must ensure robust controls are in place, guaranteeing orderly trading and safeguarding professional investors appropriately. stablecoin While you navigate this page, please remember that the information should not be taken as legal, tax, investment, financial, or any form of advice. It’s critical to invest only what you can afford to lose, and to seek independent financial counsel if you have uncertainties. For more details, please refer to the issuer's or advertiser's terms and conditions, as well as their help and support sections. MetaversePost is committed to delivering precise, unbiased reporting, but market conditions can fluctuate without prior notice.
Alisa, a passionate journalist at Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With her insightful perspective on emerging trends and technologies, she provides in-depth analysis that informs and captivates readers in the rapidly changing digital finance ecosystem.
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