- With its anti-money laundering and sanctions solution that begins with the customer, Gatenox helps corporations with onboarding.
- Bloomberg reported that huge investors are gaining more interest in cryptocurrencies, especially since the first half of 2022, as over-leverage and counterparty risks have been driven out of the crypto industry.
Gatenox, a UK-based company that offers corporate client verified credentials, announced that it has raised a seven-figure sum from C3 VC Fund. It is a Frankfurt, Germany-based venture capital organization that invests in outstanding technology firms across the globe. A100x Ventures and several well-known angel investors, including Matthew Niemerg and Antoni Zolciak, Aleph Zero co-founders, also contributed.
“Gatenox aims to significantly improve the user experience for both retail and enterprise customers. As infrastructure builders, we seek to provide the Gatenox team with the support of Aleph Zero and Liminal privacy-enhancing technologies to safeguard consumer privacy in a secure yet transparent fashion,” said Antoni Zolciak from AlephZero.
Gatenox helps corporations with onboarding its anti-money laundering and sanctions solution that begins with the customer. While working in financial institutions in early 2000, Pawel Kuskowski, a co-founder, observed the challenges of expanding firms while also adhering to stringent regulatory standards. Today, everyone must comply with expanding rules, but not everyone has the financial means to hire large teams and invest in pricey compliance equipment. This is even more challenging in the cryosphere, where no suitable solutions exist.
Theo Woik, the Managing Partner at C3 VC Fund, said, “Know-Your-Business is top of mind for businesses operating in the crypto space today. With the challenges over the last months and the coming wave of new regulations, solutions around simplifying and streamlining credentials at the corporate level will be in high demand. Pawel and Wojtek are very experienced entrepreneurs, and we are confident in their ability to develop and scale top SaaS solutions within crypto and beyond.”
As per Bloomberg reports, huge investors, with assets ranging from USD 100 trillion, are gaining more interest in cryptocurrencies, especially since the first half of 2022, as over-leverage and counterparty risk have been driven out of the crypto industry. Gatenox ensures that institutional customers and SMEs can easily interact with cryptocurrency and profit from blockchain technology as a new native financial layer with its experience and distinctive KYB solutions.
Gatenox is in a unique position by streamlining and automating the onboarding process for corporate entities and SMEs. It focuses on expediting Know-Your-Business (KYB) and sanctions processes for the cryptocurrency market. Gatenox has tested its solutions with reputable cryptocurrency businesses and will launch its product line in Q3 2022.
“Currently, the corporate onboarding solution is dramatically neglected. It takes months to onboard to crypto exchanges. In many situations, corporate clients can’t get access and benefits of DeFi and crypto in general due to the market-specifics,” said Pawel Kuskowski, CEO of Gatenox.” Regulatory scrutiny will undoubtedly increase for the entire sector in the wake of the impact from LUNA, 3AC, Celsius, and Voyager. Additionally, there are significant advantages for the cryptocurrency industry in appropriately managing future counterparty risk.
‘We see the corporate business side of the market as the fastest growing aspect of the crypto world,” said Wojciech Zatorski, COO of Gatenox.’ There are interesting technology and user experience challenges in the AML compliance and institutional crypto onboarding world.’
Current KYC/AML processes are far from optimal; today, they are both costly and ineffective. With Gatenox, customers onboard only once and re-use their data on multiple occasions, ultimately lowering the costs to almost zero per user. Cost efficiency is naturally a significant selling point, but the Gatenox team also seeks to focus intensely on conversion and data ownership.
“Gatenox aims to significantly improve the user experience for both retail and enterprise customers. As infrastructure builders, we seek to provide the Gatenox team with the support of Aleph Zero and Liminal privacy-enhancing technologies to safeguard consumer privacy in a secure yet transparent fashion,” said Antoni Zolciak from AlephZero. “Pawel and Wojciech share over 20 years of combined experience in mobile technology, financial sector, security, and KYC/AML— including crypto compliance —making us feel more than confident in their execution abilities. We are excited to witness their journey from just an idea to the software prototype and a concluded pre-seed round.”
“We see customers dropping out of the process quite often. In most cases, it’s a cumbersome, boring sequence of steps that one must execute on any occasion. With Gatenox, we aim to significantly increase the conversion rate and provide customers with an incredible experience”, said Pawel Kuskowski.” We have built a platform with instant, frictionless onboarding for 350 million corporate clients and believe it as a better solution for over 30,000 regulated crypto companies and their users.”