Blockchain fraud detection startup raises over $800k in seed round

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Singapore-based blockchain monitoring startup Merkle Science has raised about US$803,374 in a seed funding round to build its technology and expand its sales team across Asia.

Merkle Science’s tool analyzes blockchain data for law enforcement agencies and blockchain companies to detect illegal use of cryptocurrencies.

LuneX Ventures, the blockchain-focused arm of venture capital firm Golden Gate Ventures, and government-owned SGInnovate led the funding round.

Cryptocurrency trading firms Digital Currency Group and Kenetic Capital, along with startup accelerator Entrepreneur First, also participated in the round.

Reported by TechinAsia