Global Ledger, a Ukrainian Crypto ML Startup, Enters the Global Market

We are proud to announce that a Ukrainian startup Global Ledger has recently expanded to the global market by signing a strategic partnership with Promethiem AG, a Swiss FinTech group. The startup was founded by Alex Fisun and Dimitrii Bilokon, and facilitated in IdeaSoft (member of Sigma Software Group) business incubator. The product offers a unique service that dramatically disrupts money laundering and cybercrime allowing banks to freely work with cryptocurrencies. This is the result of Sigma Software Group and IdeaSoft continuous strategy to find and facilitate product business ideas within the service business.

About the Product

Many countries have already implemented legislation that allows banks and financial institutions to operate with cryptocurrencies. However, there are mandatory regulations, including Anti-money Laundering and Counter Terrorist Financing legislative package that banks must follow when working with cryptocurrencies. To comply with them, they have to use the products that allow them to check where the cryptocurrency came from and assess the risk score of working with a particular client.

Startup for banks to freely work with cryptocurrency

The Global Ledger success story began three years ago. The founders had a deep background in various Blockchain and FinTech projects and clearly saw the future issues that would arise upon regulations of the industry towards mass adoption of the crypto. The project was implemented using IdeaSoft services.

“We managed to create a product that solves those risks. It took us more than a year to build it due to the complexity of the product before getting our first clients. Since then we have worked with government agencies in several European countries, with banks in Switzerland, and attracted several large customers,” says Andrey Lazorenko, CEO and Co-Founder of IdeaSoft.

Global Ledger is instantly available in urgent situations and has affordable subscription packages for companies of any size. Allowing users to perform investigations and verify their counterparties, it improves the cybercrime response time and increases laundering publicity. With a user-generated database, reports, and alerts, the tool provides best-in-class sources of funds verification with way better visibility than solutions currently available on the market.

Big Opportunities for Banks

Global Ledger opens many opportunities for banks and crypto exchanges, including:

  • Monitoring and preventing AML/CTF risks in real-time
  • Ability to detect and counter the latest money laundering technologies, including mixing, smart contracts, NFT fraud, and more
  • Performing extensive due diligence procedure on entities and individual accounts
  • Integration with your current AML/CTF processes
  • Collecting all needed information for Suspicious Activity reporting in seconds
  • Leading investigations on money laundering in crypto

The main advantage of Global Ledger over the competitors is data privacy – the gathered data is not transferred anywhere else. All the data is stored on the client`s side, which allows banks and financial institutions to stay GDPR compliant.

“When it comes to working with cryptocurrencies, the banks’ main fear is the lack of opportunity to check where the money comes from. Global Ledger solves this problem and opens the doors for the banks to finally get their piece of the huge cryptocurrency market,” underlines Hanna Khrystianovych, Fintech Program Manager at Sigma Software.

About the Strategic Partnership

Recently, Global Ledger has signed a strategic M&A partnership with Promethiem Group with secured funding of 3.5 million USD and access to new markets.
“Our ultimate mission is to disrupt criminal activity using blockchain transparency and traceability. We are happy to see new partners that share the same values and goals. Together we can push crypto compliance technology to the point where financial institutions and law enforcement will be able to detect and respond to money laundering in a fraction of a second,” says Alex Fisun, CEO and Co-Founder of Global Ledger Protocol.
“For the Ukrainian market, this is the first and so far, the only case when a crypto ML product has entered the world market. We see great prospects in this partnership including the opening of Global Ledger offices in Europe and the expansion of cooperation with Swiss banks. More and more European countries (and Ukraine is among them) are introducing cryptocurrency legislation, which opens new opportunities for us around the world and in Ukraine,” says Andrey Lazorenko.

“Global Ledger is a comprehensive product that Ukrainian and foreign banks are already highly interested in. This is an example of a successful case of facilitating a product creation within a service company, and I think it has every chance to take on the global market,” says Valery Krasovsky, CEO and Co-Founder of Sigma Software.

“At Sigma Software we also had similar cases, when products desperately needed by the market were created and developed on the basis of a solution found in an IT service business. One of the vivid examples is, which became the Startup of the Year in Baltimore in 2019. The solution prevents malicious advertising and is currently used by dozens of big publishers across the USA. Sigma Software engineers were co-authors of this unique solution. Having years of hands-on experience in the domain, they spotted the unsolved problem and came up with a solution that immediately gained high level interest from potential customers. Likewise, Global Ledger, giving a real boost to banks development, can eventually become a standard in the financial sector,” he adds.

Andrey Lazorenko notes:
“By the way, we are launching a new crypto product soon and looking for a rainmaker, who will overtake the CEO role of the next Blockchain unicorn.”

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