Taiwan-based regulatory technology (RegTech) developer and non-custodian (DeFi/NFT) wallet provider KryptoGO has raised a total of US$3 million in its recently concluded seed funding round. The round was participated by global venture capital firm Hive Ventures, alongside other VCs including Taiwan’s National Development Council, Red Building Capital, AVA Angels, New Economy Ventures, Hao Fong Investment and Pegatron Venture Capital. The funds will be utilised by KryptoGO to expand its market presence in the United States, in addition to growing its team and launching new product features later in the year.
Founded in 2019, KryptoGO aims to empower financial institutions and individuals by establishing a more secure and transparent environment for managing crypto assets and decentralized applications (DApps) operating in the Web3 ecosystem. The company uses natural language processing technology equipped with a comprehensive global anti-money laundering database and artificial intelligence (AI) systems that enable cross-comparison of anti-money laundering data and other risky behavior.
The company also recently launched its flagship KryptoGO Wallet, a decentralized cross-chain wallet with financial identity verification and DeFi asset management functionality. Leveraging the company’s unique cross-chain technology, KryptoGO Wallet ensures that its users can integrate and manage cross-chain assets on a single platform and identify favourable DeFi investment opportunities across a multitude of chains in DeFi, all while ensuring data security.
The launch of KryptoGO Wallet exemplifies the company’s commitment to raising data sharing capabilities among its users. As blockchains are created in protected ecosystems – with their own set of rules and consensus protocols – direct communication or token transaction between blockchains could prove to be difficult1. However, the cross-chain technology present in KryptoGO Wallet enables crypto tokens and information to be seamlessly shared across different blockchains, addressing any scaling limitations in the process.
“Decentralised finance is gaining strong momentum in today’s financial ecosystem, but its digital complexities and growing ecosystem of chains and DApps have also shone light on the need for a simple, unified and trusted gateway into the world of Web3 for institutional and entry level users alike,” said Kordan, CEO of KryptoGO. “This is where we come in. With secure, compliance-based technologies that are trusted by financial institutions, our users will enjoy an environment conducive to obtaining, managing, and growing their crypto portfolio, all while being in compliance with regulations of traditional and decentralised finance.”
KryptoGO Wallet supports several lucrative cryptocurrency chains such as Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), TRON, MATIC and more. Additionally, the wallet is embedded with quality security features that include Secure Enclave with Advanced Encryption Standard (AES) encryption as well as biometric and passcode identification mechanisms. This means that users can employ facial or touch recognition in accessing their wallets, providing a personalised user experience with optimal data protection. Users can manage all their multi-chain assets by simply creating an account with their phone number. Their data is securely stored in the hardware storage guarded by the systems on chip (SoCs)2.
Just in 2021, approximately US$3.2 billion3 worth of cryptocurrency was stolen by hackers, resulting in the emphasis on data security skyrocketing. To address these vulnerabilities, KryptoGO has implemented proactive and active approaches to user data security through its flagship mobile wallet and compliance-based platform.
“In today’s digital world, it is critical that businesses and individuals find more efficient ways to access, track and secure their assets. In the realm of decentralised finance, this is even more pertinent as such financial assets have soared in monetary value over recent years. With informational transparency and data security being placed at the forefront of its technologies, we are impressed by KryptoGO’s exemplary track record in its flagship solutions, and we look forward to seeing their future developments within the RegTech and DeFi spaces,” said Yan Lee, Founding Partner, Hive Ventures.
Hive Ventures’ funding into KryptoGO is the first investment in the blockchain space and the latest in a series of investments made by the venture capital firm, with many future investments to come. This aligns with the company’s mission to help early-stage businesses build a smart hyperconnected world through data and technology. To date, Hive Ventures has led the funding rounds of startups such as Viewabo4 and Canner Data5 which have contributed to the companies’ accelerated growth respectively.
As the first blockchain company to receive both ISO/IEC 27001 and 27701 information security certifications, KryptoGO also builds itself on maximised user security against financial data breaches. The company further emphasises user-centricity in its products and solutions, primarily by providing users with the native experience of using a comprehensive mobile wallet to avoid the complexities of using multiple individual decentralised applications (DApp) browsers when addressing their DeFi needs.
In addition to its current partnership efforts that saw the launch of the NFT Lucky Bag6 earlier this year, KryptoGO plans to expand its robust partnership and customer base to the United States, Japan and Southeast Asia through collaborations with ecosystem partners in these regions. Partners will range from NFT collections to GameFi projects and DeFi platforms – all with the aim of fostering greater socialization and sense of community among KryptoGO Wallet users.
The company also aims to embed such social elements into KryptoGO Wallet’s features, potentially enabling users to interact and share information based on their crypto investments and NFT collectables. Currently, the company is on its way to launching its first NFT GEM pass that will grant users access to premium features in KryptoGO Wallet later this year.
