Vilnius-based Lithuanian blockchain startup Micapass has attracted an investment of 240,000 Euros. The investment comes from innovation lab “SUPER HOW?” and Baltic startup accelerator “Firstpick”. Micapass is developing an automated money laundering detection tool aimed at participants in decentralized crypto markets.
Vytautas Kašėta, one of the founders of “SUPER HOW?”, says the need for regulatory technology in crypto markets will only grow. The tool will be useful for both current decentralized finance players and institutions interested in the technology.
Micapass is responding to the changing regulatory landscape in the crypto market, including the upcoming MiCA regulation in the European Union. Other countries like the UK, South Korea, and Hong Kong are also following suit.
Marijus Andrijauskas, a partner at “Firstpick”, notes that Micapass aims to capitalize on the timing and emerging regulatory opportunities in this niche market.
Investors also highlight that it’s rare in the Baltic countries to see a regulatory technology and blockchain project led by women. Micapass was founded by product manager Gintarė Košubienė(CEO) and Ukrainian blockchain developer Tatiana Afonina (CTO).
Gintarė Košubienė, the startup’s founder and CEO, says that regulation in the crypto asset market is inevitable. Compliance and anti-money laundering tools will become a necessity.
Micapass recently won a major prize at the “Startup Fair” Pitch Battle, powered by Vilnius TechFusion, and made it to the finals of the “European Blockchain Convention” in Barcelona, competing against 500 projects worldwide.