Blockchain startup Coinfirm announced that it has secured an investment of $700k from Luma Ventures in an ongoing seed round and aims to further build services and features onto its platform.

The blockchain startup has opened the current round to other investors and the recent funding is led by Luma Investment, which is a CEE based fund comprised of entrepreneurs from multiple industries. The investor has built itself into one of the largest private investment funds in the region with over with over $1.1b in transactions to their name already.

“Coinfirm’s team convinced us by showing their in-depth industry expertise, passion, and determination to realize their ambitious long-term plan. We are confident that with our support they will secure their leading position in the blockchain AML risk and compliance space. This is an important investment for Luma as it allows us to play a strategic role in the imminent transformation of the fintech sector,” Tomasz Cichowicz, Partner at Luma Ventures, said.

Coinfirm has positioned itself to be an important player in blockchain ecosystem as well as regtech market. It's blockchain AML risk and compliance platform solves one of the greatest roadblocks in the cryptocurrency and blockchain adoption in a new and innovative way. The platform significantly reduces costs and time spent and also maximizes efficiency and changes how the compliance landscape has operated until now.

“We’re growing at a very fast rate and need to scale up quickly to continue to lead and expand on the global market. Luma brings not only a valuable VC investor but also a synergistic one that brings many benefits to the table and we’re looking to bring in co-investors that provide the same dynamic. They give us a new set of extensive experience, network, and assets in tech and financial ecosystems as well as a partner who can assist us on in our further development from the ground up,” Pawel Kuskowski, Co-Founder and CEO of Coinfirm, stated.