• Blue, a DeFi-focused startup, has come out of stealth with $3.2M in funding from Blockchange Ventures, Fenbushi Capital, DoraHacks, Knollwood Investment Advisory, Gate.io and Wave Financial.
• The company offers products to help with know-your-customer and money-laundering checks.
• The funding will be used to complete security audits and expand Blue’s core team.
A DeFi-focused startup, Blue, has recently announced their emergence from stealth mode with an impressive $3.2 million in funding. This round was co-led by Blockchange Ventures and Fenbushi Capital, with additional support from DoraHacks, Knollwood Investment Advisory, Gate.io and Wave Financial.
Blue is a financial services provider that offers products to help with know-your-customer (KYC) and anti-money-laundering (AML) identity verification processes for traders on decentralized-finance (DeFi) protocols. As the decentralized finance sector has seen massive growth in the wake of centralized cryptocurrency exchange FTX’s collapse and a series of crypto exchange bankruptcies earlier in 2022, it is clear that the demand for such services is high.
The funding will be used to complete security audits from Halborn and Verilog Solutions. It will also be used to help expand Blue’s core team and bring their permissioned DeFi product to market in the first quarter. The company has already begun working on several proof-of-concepts with some of the leading DeFi companies and will soon deploy the product.
Blue is led by founders Casper Yonel and Paul Thomas, who are both experienced software engineers and entrepreneurs. Yonel has worked on a variety of software products in the past, including a blockchain-based certificate issuer, while Thomas has co-founded multiple startups.
The team at Blue has also been working to build a strong network of investors and advisors to help them navigate the complicated and everchanging DeFi landscape. With the combination of their strong network and the recent funding, Blue is poised to have a great impact on the decentralized finance sector.