Range raises $8.3M for stablecoin compliance

Range raised $8.3 million from a group of fintech and cryptocurrency venture capital firms, the company disclosed. The funding will support development of compliance and monitoring products for dollar-pegged stablecoins.

Range provides software and services that verify reserves, track on-chain flows and generate records for audits and regulatory reporting. The products aim to give transparency about assets that back stablecoins and help counterparties and regulators evaluate operational and financial risk.

The company identified the investors as firms focused on financial technology and cryptocurrency but did not name all participants or disclose terms. Company executives described the round as part of plans to scale the product and meet rising demand for independent verification tools.

Range plans to use the proceeds to expand engineering and compliance teams and to accelerate integrations with exchanges, custodians and other crypto infrastructure providers.

Stablecoins are tokens pegged to fiat currencies such as the U.S. dollar and are used for trading, payments and settlement. Growth in stablecoin use has increased scrutiny on reserve backing, custody practices and the accuracy of attestations.

Regulators in several jurisdictions have proposed clearer rules for stablecoin issuance and reserve management. Recent market events that highlighted reserve transparency have prompted issuers and counterparties to seek third-party monitoring and verification services.

Range combines on-chain analytics with off-chain verification processes and offers dashboarding, reporting and automated attestations issuers can use to document reserve composition and liquidity.

The financing arrives amid competition from startups and established firms offering compliance, custody and auditing products for stablecoins and other crypto assets. Range plans to expand partnerships with financial institutions and broaden the types of reserve instruments and counterparties its verification services cover.