iconicchain to raise €1M from Hungary's OXO Technologies Holding

iconicchain, a Helsinki, Finland-based software companmy developing compliance automation solutions for the financial industry, announced that it raised €1M ($1.1M).

The money was raised from the Hungarian OXO Technologies Holding, and joined by angel investors which contributed with 30% of the money.

iconicchain, founded in 2017 by CEO Andras Vajda, developed 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.