Red Violet Blockchain and Analytical Solutions, a provider of cloud-based identity verification and Know Your Customer (KYC) has acquired a minority stake in Dragonchain.
While the terms of the transaction were undisclosed, the company has acquired a less than 5 per cent stake.
Dragonchain was initially developed by Disney in 2015 but was then open-sourced in 2016, before starting operations under Dragonchain Foundation. Led by Founder and CEO Joe Roets, Dragonchain claims to simplify the integration of real business applications on a blockchain and provides integration, business data and operations protection, currency agnosticism, and multi-currency support features.
The company also provides professional services to build-out development and tokenisation ecosystems utilizing an incubation model.
Earlier in the year, Cogint, a provider of information and performance marketing solutions, launched Red Violet Blockchain and Analytical Solutions. The company then formed a collaboration with Dragonchain which saw Red Violet Solutions implement its asset tracking, identity verification, fraud prevention, and transaction security services with the Dragonchain platform.
Cogint CEO Derek Dubner said, “We invested in Dragonchain because of its valuable technology, thought leadership, cultural alignment, and opportunity to be the leader in enterprise blockchain adoption across disparate industries.”
Last year, Dragonchain closed a $16.5m ICO, which saw that sale of 433 million of its DRHN tokens.
Last year, North America received 77 per cent of the total capital deployed in the blockchain sector last year according to data by FinTech Global. The next highest proportion of equity went to Asia, with the region netting 16 per cent of the total deal value.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
