Blockchain analytics company, Chainalysis, announced Thursday it has raised $170 million in a Series F funding round at an $8.6 billion valuation.
This means that the firm has more than doubled its valuation since its last series E financing in June 2021. At the time, Chainalysis was worth $4.2 billion.
The latest funding brings the company’s total raise to $536.6 million since it was founded back in 2014, according to Crunchbase.
Per the announcement, the most recent funding was led by Singapore’s sovereign wealth fund, GIC, with participation from existing partners including Accel, Blackstone, Dragoneer, and FundersClub. Bank of New York Mellon and Emergence Capital also participated.
The company said it will use the fresh capital to fund product innovation and improve its global operations to fulfill its customers’ needs.
Chainalysis is a crypto analytics firm that provides tools that help crypto firms, government agencies, regulators, and financial institutions in more than 70 countries to identify high-risk wallet addresses to prevent and tackle fraud.
Over the past 12 months, Chainalysis has doubled its private sector customer base, tripled its financial services customer base, and now has over 100 financial institutions as customers, the firm said.
The analytics platform noted that it has now partnered with a new set of financial institutions including Bank of New York Mellon, Cross River Bank, and the Australian Commonwealth Bank (CBA).
“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies like NFTs disrupting traditional markets,” Michael Gronager, co-founder and CEO of Chainalysis said.
Meanwhile, since its launch 8 years ago, Chainalysis has played a major role in the crypto space by integrating its sophisticated tool into the crypto platforms to help improve security.
Last month, Blockchain network Cronos partnered with Chainalysis to use the latter’s tool in bringing security and data services to its native token.
Chainalysis has also in the past collaborated with South Korean cryptocurrency exchange Bithumb, peer-to-peer (P2P) bitcoin marketplace Paxful, and others.
Source: https://coinfomania.com/chainalysis-now-valued-at-8-6b-following-fresh-funding/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=chainalysis-now-valued-at-8-6b-following-fresh-funding