Chainalysis Ups Valuation to $2B after Recent $100M Funding Spherical

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Cryptocurrency crimefighter, Chainalysis has raised $100 million in a Sequence D spherical that values it at $2 billion. The non-public valuation comes barely 4 months after the NY firm attained the ‘unicorn’ title for the primary time when it collected $100 million in a Sequence C financing again in November.

Behind the newest money injection was Paradigm, a crypto-focused funding agency primarily based in San Francisco. It was additionally joined by earlier traders Ribbit and Addition, a brand new enterprise capital agency led by Lee Fixel, a former prime investor at Tiger World Administration.

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Chainalysis additionally raised a further $13 million in July 2020 to develop the corporate’s Sequence B spherical to $49 million. The corporate has initially nabbed a $30 million funding in February 2019, led by enterprise agency Accel, a growth-stage enterprise capital agency, then raised an extra $6 million from two main Japanese traders in April.

“Paradigm is enthusiastic about investing in corporations that allow the way forward for cash. Chainalysis supplies key information infrastructure and software program for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis choices,” mentioned Fred Ehrsam, Co-founder at Paradigm.

The 75-person startup, which has places of work in New York, Washington DC and Copenhagen, supplies monetary establishments, cryptocurrency exchanges and legislation enforcement with a platform to detect and examine cryptocurrency cash laundering, fraud and compliance violations.

Moreover, Chainalysis is promoting its bitcoin-tracing know-how and compliance software program to banks and brokers to watch and hyperlink digital identities to cryptocurrencies.

The blockchain intelligence platform mentioned final month it has grown the variety of its clients by 65 p.c over a yearly foundation because of increased demand on its investigative know-how from public sector companies. With out revealing the precise figures, the crypto tracer additionally said that it had doubled its quarterly revenues in the course of the July-September interval.

US authorities disclosed that they leveraged Chainalysis investigative help to grab greater than $1 billion value of bitcoin related to Silk Street, the shady darkish net market that it took offline in 2013.

The Division of Justice (DOJ) mentioned it was assisted in seizing the Bitcoins by Chainalysis to establish and examine the cryptocurrency wallets utilized in that case. The division estimates that Silk Street generated round 600,000 Bitcoins in commissions for facilitating narcotics gross sales of unlawful medication, weapons and different nefarious items.

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