Chainalysis Raises $100 Million In Series C
- The capital will be used to reach more potential clients worldwide, including government agencies and private businesses.
- Chainalysis will continue to assist institutions with cryptocurrency finance oversight and dealing with crime-related activities.
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On November 23, Chainalysis announced the closure of its Series C funding round, which resulted in $100 million capital raised. The funding was led by Addition and assisted by some of the previous major investors in the company, and brought Chainalysis’s valuation to over $1 billion.
According to the announcement, the funds will be used to scale Chainalysis’s platform to meet the growing global demand for blockchain technology, with the company’s set of software solutions being the main focus of development.
As reported by Chainalysis, the organization has increased its customers by 65% and achieved a 100% growth in recurring revenue in Q3 2020. It has also opened new offices in Singapore and Tokyo, as well as assisted U.S. law enforcement in several high-profile cases, including the Twitter hack and the recent disruption of two terror cryptocurrency operations.
Michael Gronager, Co-Founder and CEO of Chainalysis, stated that the company is ready for its next “phase of growth,” with its established network of government agencies in over 30 countries and 250 independent business clients acting as the framework.
- While there are still two weeks to go, Chainalysis data shows October has already become the biggest month for crypto crime, with $718 million being stolen across 11 hacks.
- 2022 was also close to becoming the most profitable year for crypto criminals, with 125 hacks being responsible for the loss of $3 billion.
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- The Series F round has more than doubled Chainalysis’ valuation since last year, which is not surprising considering it has increased its customer base by 75%.
- The company has claimed that its various tools are now responsible for monitoring around $1 trillion worth of transactions each month.
- Roman Semenov, co-founder of Tornado Cash, explained that the blockade only applies to the platform’s frontend, and not the underlying smart contract.
- The news came only a day after the Treasury Department alleged that North Korean hacker group Lazarus was connected to the $625 million Ronin bridge hack.