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Crypto Native Payroll Processor Rise Works Closes Seed Round Led by Sino Global Capital and Polymorphic Capital

Crypto-native payroll processor Rise Works has closed its seed round, co-led by Sino Global Capital and Polymorphic Capital, and featuring investors such as Draper Associates and Hashkey Capital. Rise Works offers a "web3-enabled payroll & compliance solution" for decentralized organizations, including crypto staking specialist Lido.

The startup uses blockchain technology, built on the Arbitrum blockchain, to offer on-chain solutions for payroll that work with both fiat- and crypto-based treasuries and corresponding internal accounting systems. The firm aims to provide a compliant solution for payroll processing, which can be a thorny problem for crypto firms, especially in light of the SEC and CFTC's crypto enforcement actions.

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