Ukrainian ML startup Global Ledger secured funding of $3.5 mln
Global Ledger is the first Ukrainian crypto ML startup that entered the global market
Ukrainian crypto ML startup Global Ledger signed a strategic partnership with Promethiem AG, a Swiss FinTech group, and entered the global market. This partnership will include the secured funding of $3.5 mln, the opening of Global Ledger’s offices in Europe and the expansion of cooperation with Swiss banks. For Ukrainian IT, this is the first and so far, the only case when a crypto ML product has entered the world market.
The project was implemented using IdeaSoft services. Global Ledger’s success story is the result of Sigma Software Group and IdeaSoft continuous strategy to find and facilitate product business ideas within the service business.
The startup was founded 3 years ago by Alex Fisun and Dimitrii Bilokon, and facilitated in IdeaSoft (Member of Sigma Software Group) business incubator. The founders had a deep background in various blockchain and fintech projects and clearly saw the future issues that would arise upon regulations of the industry towards mass adoption of the crypto.
Many countries have already implemented legislation that allows banks and financial institutions to operate with cryptocurrencies. However, there are mandatory regulations, including Anti-money Laundering and Counter-Terrorist Financing legislative packages that banks must follow when working with digital assets.
To comply with them, they have to use the products that allow them to check where the cryptocurrency came from and assess the risk score of working with a particular client. The product behind the Global Ledger offers a unique service that dramatically disrupts money laundering and cybercrime allowing banks to freely work with cryptocurrencies.
More and more countries are introducing cryptocurrency legislation, which opens new opportunities for us. We managed to create a product that solves the risks of interactions with digital assets.
says Andrey Lazorenko, CEO and Co-Founder of IdeaSoft.
It took us more than a year to build it due to the complexity of the product before getting our first clients.
Since then we have worked with government agencies in several European countries, with banks in Switzerland, and attracted several large customers.
Global Ledger is instantly available in urgent situations and has affordable subscription packages for companies of any size. Allowing users to perform investigations and verify their counterparties, it improves the cybercrime response time and increases laundering publicity. With a user-generated database, reports, and alerts, the tool provides best-in-class sources of funds verification with way better visibility than solutions currently available on the market.
Big opportunities for banks
Global Ledger opens many opportunities for banks and crypto exchanges, including:
- Monitoring and preventing AML/CTF risks in real-time
- Ability to detect and counter the latest money laundering technologies, including mixing, smart contracts, NFT fraud, and more
- Performing extensive due diligence procedure on entities and individual accounts
- Integration with your current AML/CTF processes
- Collecting all needed information for Suspicious Activity reporting in seconds
- Leading investigations on money laundering in crypto
The main advantage of Global Ledger over the competitors is data privacy — the gathered data is not transferred anywhere else. All the data is stored on the client’s side, which allows banks and financial institutions to stay GDPR compliant.
When it comes to working with cryptocurrencies, the banks’ main fear is the lack of opportunity to check where the money comes from. Global Ledger solves this problem and opens the doors for the banks to finally get their piece of the huge cryptocurrency market.
underlines Hanna Khrystianovych, Fintech Program Manager at Sigma Software Group.
Our ultimate mission is to disrupt criminal activity using blockchain transparency and traceability. We are happy to see new partners that share the same values and goals.
says Alex Fisun, CEO and Co-Founder of Global Ledger Protocol.
Together we can push crypto compliance technology to the point where financial institutions and law enforcement will be able to detect and respond to money laundering in a fraction of a second.
Global Ledger is a comprehensive product that Ukrainian and foreign banks are already highly interested in. In the future it can eventually become a standard in the financial sector.
says Valery Krasovsky, CEO and Co-Founder of Sigma Software Group.
This is an example of a successful case of facilitating a product creation within a service company, and I think it has every chance to take on the global market.
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