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Blockchain Analysis Company Chainalysis Is Valued at $2 Billion After Raising $100 Million Series D Round

3y ago
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Key highlights:

  • Blockchain analysis firm has raised $100 million in a Series D round
  • The round values the company at over $2 billion and was led by Paradigm
  • Chainalysis offers tools that help companies and law enforcement spot suspicious activity on the blockchain

Chainalysis hits $2 billion valuation after $100 million Series D

Blockchain analytics firm Chainalysis has raised a $100 million Series D round that values the company at $2 billion. The investment round was led by Paradigm, a venture capital firm led by Coinbase co-founder Fred Ehrsam. Salesforce CEO Marc Benioff also participated in the round through his TIME Ventures investment fund.

The tools created by Chainalysis allow customers to monitor cryptocurrency transactions and identify suspicious activity on blockchains like Bitcoin and Ethereum. Their products are used in the private sector by companies like cryptocurrency exchanges, but also by governments and law enforcement. Chainalysis was founded in 2014 by Michael Gronager and Jonathan Levin.

Chainalysis says it plans to use the funding to accelerate its growth and launch new products. The company is also looking to expand its headcount by hiring "across all parts of the organization".

Commenting on the $100 million raise, Chainalysis said:

"Today’s milestone was made possible by years of hard work by the many early believers who’ve brought cryptocurrency into the mainstream. Chainalysis is proud to have collaborated with our many customers and partners across government and commercial enterprise to make cryptocurrency a legitimate and trusted part of the global financial system."

Talking with CNBC, Chainalysis CEO Michael Gronager commented that the amount of criminal activity in the cryptocurrency space is dropping significantly, and a growing number of legitimate use-cases are emerging within the industry. This is supported by research conducted by Chainalysis – in a report published in January, the company estimated that only about 0.34% of cryptocurrency transactions made in 2020 were connected to illicit activity. For 2019, the figure was at 2.1%.

With the total cryptocurrency market capitalization growing well above $1 trillion, its no surprise that blockchain and crypto companies are raising ever larger amounts of capital. Earlier this week, Blockchain.com announced that it raised a $300 million Series C at a $5.2 billion valuation. 

3y ago
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