Current funding round will lift Astra Protocol's efforts to build out its network as it continues to scale, due to phenomenal global demand for its services.
ZURICH, SWITZERLAND / ACCESSWIRE / May 31, 2022 / Leading Tier 1 crypto investment giant Republic will be the first investor in Astra Protocol's current $100 million Series A funding round.
Astra Protocol, the leading global decentralized compliance solution for the growing Web3 economy, is fresh off a successful raise held in December in which it raised $9 million from a range of top-tier investors. Republic was a lead investor in that fundraise and is now returning to join Astra's Series A round, which values the firm at $500 million.
Astra Protocol is raising $100 million to deliver a compliant blockchain for Web3. Astra Network will become the largest network in the industry by creating the next iteration of decentralization through the convergence of Web3.0 and traditional financial ecosystems. The entire network is explicitly designed to be a fully KYC compliant decentralized blockchain ecosystem, where every network participant is validated as a prerequisite to onboarding.
Astra Protocol is laser-focused on bringing legitimacy to the Blockchain and Crypto industry with its state-of-the-art KYC (know your customer) and AML (anti-money laundering) platform, which enables more businesses to safely participate in the Web3 economy.
Republic, which is highly regulated and operates under the strict framework of U.S. securities law, has many overlapping goals with Astra, making them an ideal investor and partner. "Republic is pleased to announce they are the first investor in Astra Protocol's $100M Series A round. We believe Astra is legitimizing Blockchain and Crypto for users with its platform - enabling businesses and people to participate in the Web 3.0 economy safely," said Republic in an official statement.
One of the biggest obstacles holding back mainstream DeFi adoption is the lack of a clear regulatory environment. In this absence of clarity, projects in the ecosystem can unknowingly expose themselves to risk by breaking rules they didn't even know existed. Mick Mulvaney, former White House Chief of Staff and Astra Protocol Strategic Advisor, said "Regulators around the world have accelerated their plans to push KYC and AML practices across crypto. Astra brings a trusted solution that meets the needs of both regulators and web3. Their solution is globally patented, groundbreaking in terms of innovation, and will cast a lifeline for crypto to continue growing and scaling."
Astra Protocol is supporting the surging growth of the DeFi ecosystem by enabling those operating in the space to ensure they remain in regulatory compliance without sacrificing decentralization or security. Its unique Decentralized Legal Network (DLN) includes major global legal and audit firms and provides best-in-class KYC/AML services.
The infusion of funds from the Series A will be used to continue to scale up the Astra Network as it continues working towards a more transparent and compliant DeFi ecosystem.
About Astra Protocol
Based in Zurich, Switzerland, Astra Protocol is building a decentralized compliance layer for the Web3 economy. Its founding team of technology visionaries has been active in the blockchain space since 2013, investing in patents and scaling businesses in sectors spanning from gaming to the biomed space.
About Republic
Republic is an alternative investment platform looking to democratize investing opportunities across a diverse range of asset classes from startups and cryptocurrency to video games and real estate. Every offering on the platform is made within the regulatory framework of U.S. securities law, what the company calls "compliant tokenization." The Republic ecosystem has deployed more than $800 million in investments, supporting over 600 companies. It boasts a community of over 1.5 million users across 100 countries.
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SOURCE: Astra Protocol