Copy link
Increase text size
Decrease text size
Link copied

MUFG, Sozo Ventures back crypto compliance startup Chainalysis’s Series B round

Image Via Jakarta Globe

Wed, 17 Apr 2019, 06:26 am UTC

Chainalysis, a cryptocurrency compliance and investigation solutions provider, has raised an additional $6 million to close its $36 million Series B round with a strategic investment from Japan's largest financial institution, MUFG, and venture capital firm Sozo Ventures.

The announcement follows a $30 million raise from Accel and Benchmark in February. Chainalysis said that it will use the funding to expand its business in Asia Pacific and plans to open an office in the region.

“This strategic investment will strengthen our relationships with financial institutions in Asia in particular, and spearhead both our growth and the industry's advancement in an important region,” Michael Gronager, CEO, Chainalysis, said.

The investment from MUFG was facilitated via its wholly owned corporate venture capital subsidiary MUFG Innovation Partners (MUIP). MUFG said that the Chainalysis investment is MUIP's first investment outside of Japan and second since its launch in January 2019.

"Chainalysis's compliance technology is important to providing the insight and anti-money laundering controls banks need in order to establish next generation compliance frameworks," said Nobutake Suzuki, President & CEO, MUFG Innovation Partners. "Today's announcement signals our joint commitment to growing the cryptocurrency industry in Japan and Asia Pacific more soundly and broadly."

Earlier this month, MUFG president Kanetsugu Mike told Asahi Shimbun that the company is planning to launch a yen-pegged stablecoin, MUFG Coin, for practical use this year, Cointelegraph reported.

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). 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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $11,033.00 (+1.54%)
  • Ethereum (ETH) $388.97 (+2.81%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $238.37 (+2.36%)
  • Binance Coin (BNB) $28.78 (+7.34%)
  • Bitcoin (BTC) $11,033.00 (+1.54%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft