Chainalysis, a Blockchain intelligence startup, raised $170 million for an investment of $8.6 Billion. This is double the amount it received in June 2017 at $4.2 billion.
Many believe that the rush to back crypto startups might have ended due to the recent market crash, where bitcoin dropped below $30,000 Monday. Chainalysis’s valuation has increased twofold in its latest round, indicating that investors still prefer crypto-related businesses.
Round of $170 Million in Funding
Chainalysis’ Series F funding round was led by Singapore-headquartered sovereign wealth fund GIC. It’s also an existing investor in the company, media reports said on Wednesday, attributing the information to an unnamed source.
Dragoneer and Durable Capital Partners were also investors in this round.
The company raised $100 million last June from Coatue Management in Series A funding at $4.2B in valuation. In March 2021, it raised $100 million in Series D financing at more than $2B in valuation.
Chainalysis received $336 Million in investments from Paradigm, Accel, Paradigm, Coatue, and Benchmark before this latest round.
The platform’s blockchain intelligence provides insight to clients by tracking data and transactions in cryptospace. Its services are used in over 70 countries by financial institutions, crypto exchanges, cybercrime firms, and – most notably – law enforcement agencies. To increase its presence throughout APAC, it opened offices at Tokyo and Singapore in 2020.
In February 2021, America’s oldest bank BNY Mellon said it was planning to integrate Chainalysis to monitor and analyze crypto transaction data as it is gearing up to serve its customers with digital assets profile.
Chainalysis Tools, Intelligence
Chainalysis recently made headlines for its free screening tools. These tools are designed to allow the crypto industry to identify addresses of sanctioned Russian entities and individuals. The first was an on-chain smartcontract that kept the list of embargoed persons and entities. The second API allowed for the validation of wallets using web and mobile devices.
Chainalysis reported that the NFT market saw rapid growth during the first four months in 2022. The report noted that NFTs were spent at $37 billion during the period, which is compared to $40 Billion in 2021.