- Blockchain analysis company Chainalysis announced that it has raised $13 million in funding to expand its Series B round to $49 million
Blockchain analysis company Chainalysis announced that it has raised $13 million in funding to expand its Series B round to $49 million with an investment from Ribbit Capital and Sound Ventures. With this round of funding, Chainalysis will grow and deepen its government relationships and further unite the public and private sectors to fuel the cryptocurrency industry’s growth through the addition of software engineers, government sales, and other business roles. Sigal Mandelker, General Partner at Ribbit Capital and former Under Secretary for Terrorism and Financial Intelligence at the U.S. Department of the Treasury, will join the company as an advisor.
Chainalysis has been doubling down on its government business to propel a flywheel of growth for the industry when law enforcement and regulators become comfortable with cryptocurrency, exchanges are able to grow and financial institutions can enter the ecosystem safely and responsibly.
Over the past year, the company has continued to enhance its unrivaled blockchain data and foundational investigative product Chainalysis Reactor, providing insights into how and why people move money across the world and growing revenue from new government customers by almost 400%. And the company’s compliance products Chainalysis KYT (Know Your Transaction) and Chainalysis Kryptos, are now used by over 180 private sector customers across 44 countries thus demonstrating the need for transparency to drive growth across the industry.
Chainalysis serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses around the world, providing data, software, and expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures.
Key Quotes:
“Chainalysis is founded on the belief that providing data insights into cryptocurrency activity will unite government agencies, exchanges, and financial institutions to fuel the industry’s growth. Ribbit Capital’s deep fintech, cryptocurrency, and government experience and Sound Venture’s commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion.”
– Michael Gronager, CEO and Co-Founder at Chainalysis
“Chainalysis is the data platform bet, as crypto-asset adoption increases across the world,” said Meyer “Micky” Malka, the Managing Partner of Ribbit Capital. “We’re convinced that the firm’s technology provides foundational infrastructure for the future of finance. Chainalysis has already seen impressive growth, and the economic opportunity is massive.”
– Meyer “Micky” Malka, Managing Partner at Ribbit Capital
“Chainalysis’s market-leading position at the intersection of fintech and cybersecurity makes them an essential part of the economy of the future. They are also one of the rare companies whose work protects society’s most vulnerable people, as demonstrated by their work on assisting the shutdown of the largest ever child abuse material site.”
– Ashton Kutcher, General Partner at Sound Ventures
“Chainalysis has done terrific work providing blockchain analysis and tools to financial institutions, government agencies, and exchanges, while working to track, analyze, and disrupt illicit activity. As the digital assets industry continues to evolve and grow in positive ways, I’m excited to work with the Chainalysis team to help develop public-private partnerships, enhance ground-breaking technologies in financial services, and root out illicit networks.”
– Sigal Mandelker, General Partner at Ribbit Capital
