DEPO Ventures invests in Blockmate, startup focusing on high-quality fin. data from crypto accounts
Traditional financial institutions are already interested in cryptocurrencies and open banking. However, there is still no place where all available information from the crypto area meets. The Czech-Slovak startup Blockmate.io wants to change this through access and analysis of data from crypto accounts.
Blockmate.io builds a unified API that facilitates access to quality financial data from a variety of global services. For further development, it now receives an investment of 500,000 euros (approximately 12.2 million crowns) from the angel fund of the DEPO Ventures and Tensor Ventures investment group within the pre-seed round.
Although Blockmate is an early-stage startup, it already covers more than 100 million user accounts, over 5,000 cryptocurrencies and tokens, and more than 20 major cryptocurrency exchanges. "We believe that Blockmate has everything at its disposal to open up the world of cryptotransactions. Like Nordigen, Plaid or Tink, which have provided the technological basis for opening up the world of traditional finance,” says DEPO Ventures partner Michal Ciffra.
Open banking and decentralization represent a real revolution in the financial world. According to experts, the estimates of the global market in this segment will grow six times between 2018 and 2026 to more than $ 43 billion. However, there is no single framework, although all major crypto-exchanges already provide APIs or data exports for clients. The demand for value-added services in crypto is therefore high in the economy and Blockmate is betting on it. It wants to offer quality insight into various accounts in one place and facilitate risk and credit scoring of users.
"We first invested in blockchain technology two years ago. Even BACK then, it was probable that the set trend of decentralization represented the future of the financial world. However, it was not entirely clear what the individual applications would look like in practice and how they would be accepted by the market and customers. But today no one can ignore blockchain and crypto. The market capitalization of bitcoin alone rose to $ 1.2 trillion last year. By comparison, this would make it one of the eight most valuable companies in the world ,” says Michal Ciffra.
Blockmate founders Andrej Coplak and Peter Lauber began obtaining the first information about transactions in the crypto world as early as 2017. Their clients included news agencies, government and financial institutions.
"We did not doubt their competence and ability to pursue a global vision from the very beginning. We are glad that we could support Andrej and Peter and planted the seeds of another successful Czechoslovak 'crypto' story alongside companies like Tatum or SatoshiLabs," adds Michal Ciffra.
The base for better services
Blockmate targets developers, especially those in the financial technology companies. It offers basic data to developers for free. For example, they can obtain financial data, such as cryptocurrent, transaction, and balance client data. At the same time, Blockmate provides a comprehensive financial overview of the client's income and expenses and allows you to find possible risks based on the client's complete cryptocurrency history and behavior. Startup acquires and analyzes public data with a focus on crypto area. The startup has an experience with risks and identification of entities for clients in the field of law enforcement, tax authorities or intelligence services, but also with victims of cryptocurrencies and fraud.
The platform can be integrated through public blockchain infrastructure providers API, open banking API providers or enterprise blockchain services based on IBM, Amazon, and Microsoft. It can also interface with older investigation software and risk assessment products and services.
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Depo Ventures is an investment group manages an angel fund, angel network and provides capital advisory services. Our team is helping European investors identify promising startups, find co-investors and mitigate the investment risk.