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Chainalysis adds $170 million to crypto fraud detection platform

Today, blockchain data platform Chainalysis announced that it has raised $170 million in a Series F funding round led by GIC, a sovereign wealth fund in Singapore. The funding increases the organization’s valuation to $8.6 billion and will allow it to enhance its crypto fraud detection platform and scale global operations.

Chainalysis’ platform provides crypto exchanges, corporations, and government agencies with automated transaction monitoring, risk management, and business intelligence analysis to help them detect crypto fraud and money laundering.

The use of blockchain analytics and transaction monitoring increases the visibility of cryptocurrency transactions, allowing cryptocurrency companies to detect criminal activity, block transactions, and comply with required regulations.

Recognizing fraud in a decentralized economy

The announcement comes as researchers estimate that the $4.67 billion global blockchain market

“Over the past year, the cryptocurrency industry has transitioned into the mainstream, with financial institutions invading space and new technologies like NFTs disrupting traditional markets,” said Michael Gronager, co-founder and CEO of Chainalysis.

Chainalysis’ answer to detecting fraud in an increasingly decentralized economy is to provide blockchain analytics so businesses can better understand how customers are using cryptocurrencies. Not only does this help detect fraud, but it can also provide insights into how to improve the customer experience.

The leading blockchain analytics providers

Chainalysis claims that it is one of the fastest growing blockchain monitoring solutions out there, now averaging $1 trillion in cryptocurrency transactions per month. The company added more than 450 new employees last year to bring its total workforce to 700.

However, the organization is not the only provider using analytics to help exchanges and businesses identify crypto scams.

One of Chainalysis’ main competitors is Elliptic, a blockchain analytics provider that can monitor more than 500 crypto assets for signs of fraudulent activity. The organization recently raised $60 million in a Series C funding round and claims that 66% of all crypto volume goes through exchanges using Elliptic.

Another competitor in this space, TRM Labs, is a digital asset and risk management provider that monitors crypto transactions with cross-chain analytics. Its tools allow users to monitor funds when switching from one cryptocurrency to another, e.g. B. from Bitcoin to Ethereum or another Blockchain.

TRM supports over 900,000 digital assets across 23 blockchains and recently raised $60 million in a Series B funding round in December 2021.

Now, Chainalysis wants to differentiate itself from these vendors by expanding the dataset its intelligence solution uses. The organization recently deepened its coverage to support DeFi identifications, which include 100 percent coverage of the top 15 DEX liquidity pools while also covering credit and oracle logs and yield aggregators.

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