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Crypto intelligence firm Chainalysis raises $100 million for a $4.2 billion valuation
On Thursday June 24, blockchain intelligence and surveillance firm Chainalysis revealed it had raised $100 million from investors. Prominent investors in the Series E funding round included Coatue, Benchmark, Accel, Addition, Dragoneer, Sequoia Heritage, and SVB Capital. With the latest funding, Chainalysis holds a $4.2 billion valuation.
Having launched in 2013, Chainalysis currently provides blockchain data to governments, institutions, and exchanges in over 60 countries and is looking to expand operations. The company intends to deepen data to cover more cryptocurrencies and focus on decentralized finance (DeFI).
Michael Gronager, Co-founder and CEO of Chainalysis, said:
“The future of finance and national security will be based on blockchain data-driven decisions.”
“We’ve harnessed the transparency of blockchains to provide actionable insights into markets, threats, and business opportunities. Our partners at Coatue understand the power of our vision for the Chainalysis data platform and the software, access, and services it powers.”
Blockchain intelligence and surveillance firms play an important role in the crypto space with over a dozen firms in 2021. These firms have expanded their scope by monitoring dozens of blockchains besides Bitcoin. Along the way they have raised millions of dollars from investors and government contracts.
In the example of Bitcoin, the blockchain designed by Satoshi Nakamoto is a transparent ledger where transactions can be traced all the way back to the first genesis block. The transparency and traceability of the blockchain therefore offers the ideal playing field for analysis. Although theoretically possibly, it does not necessarily mean that a person can pinpoint with accuracy the identity of the individual or organization behind a certain cryptocurrency transaction.
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Author: Peter Siu