Blockchain data platform Chainalysis has announced its $170 million Series F funding. According to the Chainalysis blog, the funding was led by Singapore sovereign wealth fund GIC, bringing Chainalysis’ valuation to $8.6 billion. Previous investors Accel, Blackstone, Dragoneer and FundersClub increased their investments in the company, and the Bank of New York Mellon and Emergence Capital also participated in the financing. Chainalysis intends to use the fresh funds to invest in product innovation and scale its global operations to meet consumer demand.
Findings from the report said that Chainalysis’ customer base has grown by 75% over the past year and has more than 750 customers in 70 countries. Chainalysis’ retail customer base doubled and financial services tripled, resulting in it having more than 100 financial institutions as customers, and its customer base, which accounted for more than $100,000 in annual recurring revenue, grew 75% to 150 customers .
Chainalysis increased its Series E funding in June 2021, since then the platform has partnered with NFT platform Dapper Labs, fintech firm Robinhood, and traditional financial institutions like Bank of New York Mellon, Cross River Bank, and Commonwealth Bank in Australia (CBA). Chainalysis’ business grew particularly in the Asia-Pacific region with a doubling of revenue and number of customers in 2021. In terms of company sales, Chainalysis has maintained a customer satisfaction NPS score of over 80%, according to the blog.
Chainalysis helped disrupt criminal activity and recover funds in November 2021 when IRS Criminal Investigations seized over $3.5 billion worth of cryptocurrency in 2021, accounting for 93% of all funds seized by the department during that period , according to the Chainalysis blog. It also seized $2.3 million from the ransomware group blamed for the Colonial Pipeline attack and Office of Foreign Assets Control (OFAC) sanctions against two Russia-based cryptocurrency services involved in money laundering were involved.
According to the blog, Chainalysis offers DeFi (Decentralized Finance) identifications, including 100 percent coverage of the top 15 decentralized exchanges (DEX) liquidity pools, along with making its cross-chain research available to investigators to keep up with the increasing number of blockchains to operate. Chainalysis searches an average of $1 trillion in transaction value every month across all cryptocurrency assets and conducted its second compliance audit for KYT and Reactor products. Chainalysis claims to have hired over 450 people and currently employs more than 700 people.
(With insights from the Chainalysis blog)
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