Coinfirm announced that it recently secured an $8 million Series A funding to expand its operations globally. The UK-based firm also planned to expand its operations in the US and Asian markets. The company also stated that it had appointed Mircea Mihaescu as its Chief Executive Officer. Mihaescu is joining the company with more than 30 years of experience in the industry.
Top participants in the latest funding include MiddleGame Ventures, FiveT Fintech, and SIX Fintech Ventures, which led the funding. Other participating venture capitalists include CoinShares and Mission Gate.
The report also mentioned that the Chief Executive Officer of FiveT Fintech, Alexander Christen, will be joining Dr. Mircea Mihaescu on Coinfirm’s Board of Directors.
Coinfirm Sees Impressive Growth
Coinfirm experienced impressive growth last month as the global crypto industry saw an improved demand. Coinfirm also noted that it has grown its SaaS customer count during the first half of the year.
The company has also been busy in the market lately, with one of the highlights being the collaboration with the Cardano Foundation for ADA crypto compliance.
“The Series A unlocks Coinfirm’s potential in the crypto compliance and analytics space,” Mihaescu stated.
He added that the company is looking to expand its global reach, and the funding will go a long way towards helping to achieve that goal. It seems the firm has managed to benefit from blockchain tech’s widespread unhackable status combined with trustworthy analytics and compliance.
The Funding Will Be Used To Improve Operational Capacity
Mihaescu reiterated that he is excited to become part of the team at Coinfirm as the company leans towards the massive adoption of blockchain. In addition, Mihaescu will be using his extensive knowledge to lead the company’s growth.
He added that the funding would allow Coinfirm to continue its rapid growth expansion plans and enable it built strongly on its leading position in the EU. The funding will also be used to improve the operational capability of the company’s financial institutions and enterprise offerings. It will also add to its offerings in the crypto market as the industry faces a slight contraction.