Tenity and Startup Wise Guys participate in CryptoSwifts' €510K pre-seed round
CryptoSwift, the compliance infrastructure startup simplifying Travel Rule implementation for crypto companies, has raised a €510,000 pre-seed round to scale its platform ahead of sweeping new EU regulations. The round was backed by early-stage investors Tenity, Startup Wise Guys, DEPO Ventures, and a group of industry angels. The funding will be used to grow the team, expand market reach, and accelerate adoption across the EU.
With the Markets in Crypto-Assets (MiCA) regulation and updated FATF guidance becoming mandatory in the EU by the end of 2024 — and the transition period ending in 2025 — crypto companies are under growing pressure to comply with the Travel Rule. This rule requires them to collect and share sender and recipient identity information for crypto transactions, much like SWIFT does in traditional finance. Yet most of the industry is still unprepared.
“There is currently no precise data available detailing the exact number of Crypto-Asset Service Providers (CASPs) in the European Union that are fully compliant with the Travel Rule,” said Indrek Ulst, CryptoSwift’s founder. “However, based on available market research and industry insights, it is estimated that at least two-thirds of CASPs have yet to achieve full compliance.”
CryptoSwift offers a plug-and-play compliance solution with the lightest integration effort on the market. The startup has already signed partnerships with industry players like AML Watcher, Global Ledger, Scorechain, and Fraud.com. Early clients include Change Invest, Crypto2Cash, Crypto Voucher, and more.
“As crypto goes mainstream, the winners will be those who integrate effortlessly into the regulated financial system,” said Kevin Chavanne, Investment Manager at Tenity. “CryptoSwift is enabling that shift by making transactions transparent, compliant, and seamless. Their early traction and dual fluency in tech and regulation position them perfectly for what comes next.”
“We invested in CryptoSwift first of all because of the team and their experience, and because of the problem the team is solving. All the players in the Crypto ecosystem need to be compliant with the Travel Rule. With CryptoSwift's easy API, it’s a no-brainer for VASP-s and other market players,” commented Priit Uustulnd, COO at Startup Wise Guys.
About CryptoSwift
CryptoSwift provides secure, automated infrastructure for Travel Rule compliance across the VASP ecosystem, as well as for the compliance platforms that support them. Built for global interoperability, CryptoSwift’s messaging network helps exchanges, custodians, and wallets meet regulatory requirements with efficiency and data privacy.
For compliance providers such as blockchain analytics platforms, KYC/KYT solutions, and crypto AML services, CryptoSwift offers a powerful Partner API. It enables easy integration of fully compliant Travel Rule messaging into existing solutions.