A blockchain company that works with banks like Barclays to fight financial crimes just raised $30 million
- Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $30 million in its Series B round led by prominent VC firm Accel.
- The New York-based upstart serves clients like Barclays, Binance, and IRS and assist them in identifying bad actors and fighting crimes like money laundering and online fraud.
While crypto has been through a prolonged slump in the last several months, a blockchain analysis firm that helps big banks fight financial crimes is raising fresh funds in a sign that the market isn't dead yet.Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $30 million in its Series B round led by venture firm Accel. In addition, Accel's partners Philippe Botteri and Amit Kumar are also joining Chainalysis' board. Advertisement
Jonathan Levin, cofounder and COO of Chainalysis, said that the new directors will help the company's research and development plans and expand its European presence.
Founded in 2014, Chainalysis started with tracking Bitcoin transactions and identifying the owners of digital wallets, and it subsequently expanded into tracking other digital currencies including Ether, Litecoin, and Bitcoin Cash as well as stablecoins like Paxos.The New York-based blockchain-analysis firm is best known for its investigation into the infamous Mt. Gox hack. The firm has also worked with the IRS to fight tax evasion and money laundering, according to Levin. Right now, it offers compliance and investigation tools for financial institutions, regulators, crypto exchanges, and crypto custodians to identify bad actors and prevent crimes like money laundering and online fraud. See also: It's a fintech frenzy - top venture pros spill why the $11 billion party won't end anytime soonAdvertisement
Ove the last year, Chainalysis has added over 100 clients, including Barclays, and has grown its revenue by four times. Binance, the world's largest crypto exchange by daily trading volume, has also signed up for Chainalysis know-your-transaction service, which allows the exchange to automatically monitor transactions and user activities in real-time.
Chainalysis had previously raised $1.6 million seed funding round led by Point Nine Capital in 2016 and $16 million in Series A funding from Benchmark last April.Read more:Advertisement
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