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Chainalysis, a New York-based startup which provides cryptocurrency compliance and investigation solutions, has raised $30 million in a series B funding round led by Accel.
The round also drew support from existing investor Benchmark, which led Chainalysis’ $16 million Series A round last April. Chainalysis had previously also secured $1.6 million in a seed funding round led by Point Nine Capital.
According to the official release, Accel’s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis’s board of directors.
“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,” said Botteri, partner at Accel and based in London. “Chainalysis’s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures. We look forward to supporting them across Europe, the U.S., and Asia,” added Amit Kumar, partner at Accel and based in Palo Alto.
Founded in 2014, Chainalysis offers tools to analyse bitcoin transactions on the blockchain. Over the past year, it launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (Know Your Transaction).
The company said that it has expanded its coverage beyond Bitcoin to include Ethereum, Litecoin, Bitcoin Cash, and, more recently, stablecoins. More than 100 financial institutions and cryptocurrency exchanges, including Binance, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.
Chainalysis said that it will use the amount raised to support strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its research and development lab and regional expansion.
“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,” said Michael Gronager, CEO and Co-founder of Chainalysis. “We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.”
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