Blockchain forensics startup Chainalysis raises US$100 million – Finance

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New York-based Chainalysis, a startup that enables corporations and authorities companies to analyse and examine blockchain transactions, mentioned it had raised US$100 million (A$131 million) from buyers at a valuation of greater than US$2 billion.

The spherical was led by funding agency Paradigm, with participation from present backers Addition, Ribbit and TIME Ventures, Chainalysis mentioned.

The money injection will likely be used to offer enterprise knowledge options to cryptocurrency companies, monetary companies corporations and authorities companies, the corporate mentioned.

“We’ll proceed to put money into investigations and compliance software program, however we’ll additionally construct out new knowledge merchandise each for our present buyer base and new audiences,” mentioned Michael Gronager, the agency’s co-founder and chief govt.

“We’re additionally investing in our worldwide enlargement.”

The funding spherical comes amid a increase within the cryptocurrency market, the place extra established monetary corporations are launching services and present startups see enterprise develop.

This has fed demand for expertise reminiscent of that of Chainalysis, which helps non-public companies and regulation enforcement observe transactions to identify and forestall illicit exercise reminiscent of cash laundering.

Cryptocurrency transactions are recorded on their underlying blockchain, a digital public legder.

Chainalysis, which had final raised US$100 million in November, mentioned it has doubled its shopper base and employed 116 new staff over the previous yr.

It now covers 100 cryptocurrencies, encompassing about 90 % of financial exercise within the nascent asset class, it mentioned.

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