Scorechain, the Luxembourgish company that develops services for Bitcoin and Blockchain technologies, has recently closed a seed funding round of $570,000 with selected angel investors.
Scorechain is currently helping Bitcoin startups and financial institutions prepare to fulfill regulatory and compliance requirements. The company provides business intelligence and big data for blockchain technologies, risk analysis and metrics for transactions, clusters detection, address identification, and a graphical views of the transaction flows.
Scorechain provides a simple user web interface and is currently developing its API. The Scorechain platform is the missing link between innovative decentralised technologies and existing business regulations. Scorechain’s founders have been involved with Bitcoin technologies since 2013 and have already developed Yallet, one of the first iOS bitcoin wallet solutions available on the App Store.
Pierre GERARD, CEO of Scorechain says, “This is the first step in the development of the company. Today our product focuses on Bitcoin because there are already some usages and the first companies operating bitcoins must put in place their KYC and AML procedures. But, the opportunities of the Blockchain and in the decentralization of the finance industry are huge. It’s obvious that we don’t only see Bitcoin as a digital currency. Our R&D team is currently working on Blockchain and smart-contract projects, and we also organise information sessions and training for board and company directors of banks and audit firms.”
Laurent KRATZ, co-founder of Scorechain says, “The disruption from Blockchain technology is not a simplification of process or a new channel distribution, it’s a global transformation in the central organization of all the companies from the financial industry. With the Blockchain, you can transfer assets and ownerships with no trusted third party, thus we can build decentralized systems with less intermediaries and simultaneously reduce the costs..”
Scorechain wants to integrate into the new Fintech hub that recently opened in Luxembourg. “We feel that financial actors and administrations are very interested in this disruption, we are very confident that this bitcoin/blockchain-friendly environment will help the development of our company,“ says Pierre Gérard.
Scorechain is one of the first “Bitcoin” companies to raise funds in Luxembourg. The company is based in Belval, the new innovation center of Luxembourg, where many startups, incubators and the new university are located. Scorechain is currently hiring several engineers to accelerate the development of its products and services.
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