Crypto Compliance Firm Chainalysis Secures $30M USD Investment

Crypto Compliance Firm Chainalysis Secures $30M USD Investment

Chainalysis, a cryptocurrency compliance and investigation firm, has secured a $30M Series B financing led by Accel.

Benchmark also increased its investment in the company after leading its $16M Series A round last April. Chainalysis will use the funding to support strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its research and development lab and regional expansion.

Accel’s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis’s board of directors.

Over the past year, Chainalysis has launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (“Know Your Transaction”), and expanded its coverage beyond bitcoin to include ethereum, Litecoin, Bitcoin Cash, and stablecoins.

Over 100 financial institutions and cryptocurrency exchanges, including Binance,have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,” said Michael Gronager, CEO and Co-founder of Chainalysis. “We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.”

“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,” said Botteri, a partner at Accel and based in London. “Chainalysis’s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures. We look forward to supporting them across Europe, the U.S., and Asia,” added Amit Kumar, partner at Accel and based in Palo Alto.

The latest round of funding comes on the heels of Chainalysis’s annual report on crypto crime and launch of KYT for stablecoins.  

 

Source: Read Full Article