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Finnish RegTech company Iconicchain raised € 1 million

OXO Technologies Holding a tech investor listed on the Budapest Stock Exchane Xtend market expands its fintech portfolio with a new investment into iconicchain OY. The funding provided in the current investment round is EUR 1 million, of which EUR 700 thousand is covered by OXO Technologies and a further EUR 300 thousand is invested by its joining angel investors.

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Iconicchain Oy has a compliance automation solution, which digitizes the compliance processes of the financial sector based on blockchain technology. Their two main products are iconIQ (or iconicSecurities specialized for securities) and iconicChainServer. IconicSecurities automates the entire lifecycle of asset-backed securities, continuously evaluates, reports, and executes regulatory compliance, and also shares the extracted data and valuation both with authorities and investors, creating a complex compliance system for clients. IconicChainServer is a blockchain- based automation algorithm that can install, upgrade, and configure blockchain-based solutions in as little as a few minutes.

Significant German and Austrian banks and banking groups, such as the Tyrolean-based Bank für Tirol und Vorarlberg, have already voted in favour of their state of the art solution. Futhermore, their clients include regulatory authorities as well, most recently they have successfully won a tender announced by the Hungarian National Bank.

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