Norbloc, a blockchain KYC startup, has raised $1.6 million

Norbloc, a blockchain startup focused on know-our-customer (KYC) solutions, has raised $1.6 million in a new seed funding round, led by Greece-based VC firm, Marathon Venture Capital.

This startup is focusing on KYC, which is the process used by financial institutions to verify the  identity of their clients.

Numerous banks and investors were interested in the application of blockchain into KYC, and various  enterprise-level pilots have tackled it.  More specifically, Norbloc’s platform is tailored to reduce KYC costs by around 50% via digitization, which diminishes the duplication of efforts and enables the monetization of KYC efforts.

Astyanax Kanakakis. Norbloc's co-founder and CEO and the previous chairman of XBT Provider, which introduced a bitcoin-tied investment product on Nasdaq Nordic, stated: “ We will be drawing on the expertise and experience of our investors and our advisors as we move forward. We will use the funding to continue to build the business and acquire talent across the four markets that we are now active in.”