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Forbes includes blockchain analytics firm Chainalysis in its 'Next Billion-Dollar Startups' list

Bitcoin Flip.Steve Jurvetson/Flickr

Thu, 18 Jul 2019, 05:30 am UTC

A lot of companies become successful in ways that they did not set out to be and the most recent example of that is Chainalysis. What started out as a research firm that gained fame after retrieving stolen bitcoins from the Mt. Gox incident is now counted among the highly-valued companies in the world. Just to hammer this point home, it has now been added to the latest Forbes’ Next Billion-Dollar Startups list.

Chainalysis did not set out to become added to that list nor was it meant to make as much money as it is making now. In fact, it was first created by Jonathan Levin to observe the ways in which bitcoin was being used during its early days, Forbes reports. The firm got its first taste of worldwide coverage after Levin testified before officials that he had located 650,000 bitcoins that were stolen from Mt. Gox.

After that, the new purpose of Chainalysis was born. It has now become a crime-fighting company that is focused on crypto activities. Basically, it has become the private watchdog that just happens to make a profit from its services.

For some context, it made $8 million in revenue last year. However, its recent venture funding amounts to an estimated $53 million.

“We’re now helping banks understand how they can build programs to allow cryptocurrency businesses to access banking services, but also make sure there’s no illicit activity going on,” Levin had said.

It’s worth pointing out that other firms are now popping up to do what Chainalysis is doing, Cryptovest reports. However, Levin’s company seems to be far ahead of the pack.

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