Kinto, an Orlando, FL-based provider of a KYC’ed Layer 2 blockchain capable of supporting both financial institutions and decentralized protocols, raised $5M in two funding rounds.
Of the $5M, $1.5M came from a pre-seed round led by Kyber Capital Crypto, a SALT family venture fund. A second $3.5M round was led by Kyber Capital Crypto, Spartan Group, and Parafi, with additional investors including Skybridge, Kraynos, Soft Holdings, Deep Ventures, Modular, Tane, and Robot Ventures.
The company intends to use the funds for team expansion and network development.
Led by CEO Ramon Recuero, Kinto is a KYC’ed Layer 2 capable of supporting both modern financial institutions and decentralized protocols. It is a low-cost, and secure network that meets the requirements of both DeFi and traditional finance. Kinto protects both the privacy and assets of users. Its KYC mechanism encrypts all personal information and stores it with a third party, shareable only at user request. In addition, every app is insured on it, shielding users from untraceable exploits and anonymous scams. Finally, Kinto offers developer incentives that make it the place to launch new applications.