Crypto regtech Coinfirm raises $8m; appoints Mircea Mihaescu CEO

Coinfirm, a regtech targeting digital currencies, and blockchain-based finance have raised $8 million in funding and appointed industry veteran Mircea Mihaescu as CEO.

The Series A round was co-led by SIX Fintech Ventures and FiveT Fintech (a venture fund recently spun out of core banking vendor Avaloq in a management buy-out), with participation from MiddleGame Ventures, Mission Gate, and CoinShares.

London-based Coinfirm claims governments, financial institutions, custodians, payment providers, investment funds, and exchanges among the clients for its AML and risk management technology for crypto assets and the wider blockchain-based financial ecosystem.

The funding will be used to consolidate Coinfirm's position in the EU and to expand its offering to the Asian and US markets. In particular, the company will focus on building out its enterprise and the financial institution offers.

Meanwhile, co-founder Pawel Kuskowski is handing over the CEO baton to Mihaescu, who has been executive chairman since earlier this year.

In a 30 year career, Mihaescu has been a banker in both North America and Russia, a VC, an IBM executive, an academic, and a fintech startup founder.

Says Mihaescu: "I am excited to be joining Coinfirm in its next step on the journey to power the mass adoption of blockchain whilst we remain committed to delivering the very highest value to our clients and partners."