OceanEx, a cryptocurrency exchange, has closed its Series A to support its goal of reaching regulatory compliance globally.
China-based venture capital firm Fenbushi Capital led the round, alongside participation from a number of unnamed backers.
The value of the deal was not disclosed, but it was in the millions, the company said.
Founded in 2018, the company uses bank-level SSL secure technology and advanced machine learning algorithms to detect attacks and safeguard user’s assets and transactions. The AI-powered digital asset trading platform enables consumers to trade a variety of cryptoassets in real-time.
The platform also offers a selection of trading tools and investment products which are tailored to professional traders and lesser experience investors.
In its bid to become regulatory compliant around the world, OceanEx has taken steps to improve security of operations on the platform.
OceanEx founder & CEO Xiaoning Nan said, “Our vision of providing global users a secure and transparent digital asset exchanging platform fully aligns with Fenbushi Capital and other investors. Joining hands, we seek to make a remarkable impact on industry growth.
“Moving forward, we will plow into achieving global compliance proactively, and our users can expect fiat-to-crypto trading very soon.”
Cryptocurrency regulation is still blurry around the world, with countries all taking differing stances on the assets.
Earlier in the week, the French financial watchdog AMF released new rules for crypto-related businesses. The regulation, which comes into effect later this month, gives standards around capital requirements, consumer protection and tax payments.
The UK’s FCA also looking to make amendments to the crypto laws. It recently proposed new rules to protect retail customers from harm through the sale of derivatives and exchange traded notes through crypto assets.
Decisions to make the change were made due to the regulator believing the products are not suitable for consumers as they cannot reliably assess the value and risk of derivatives or exchange traded notes.
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