Chainalysis, a provider of compliance and investigation solutions, announced today it has secured a $30M Series B financing led by Accel. Benchmark also increased its investment in the company after leading its $16M Series A round last April. Chainalysis will use the funding to support strategic product development of new usage and open an office in London that will act as a hub for its research and development lab and regional expansion. Accel’s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis’s board of directors.
Over the past year, the company has launched and deployed its real-time anti-money laundering and compliance software for , Chainalysis KYT (Know Your Transaction), and expanded its coverage beyond to include , , Cash, and stablecoins. Over 100 financial institutions and exchanges, including , the world’s largest exchange, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.
“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of ,” said Michael Gronager, CEO and Co-founder of Chainalysis. “We are focused on empowering new use cases like stablecoins and supporting businesses and governments globally as becomes more defined.”
“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for analysis and compliance technology,” said Botteri, partner at Accel and based in London. “Chainalysis’s vision is to make 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.
The latest round of funding comes on the heels of Chainalysis’s and launch of KYT for stablecoins– pegged designed to decrease volatility and appeal to a broader audience of users– that now have a total market cap of over $3B. With this solution, firms launching stablecoins will be equipped to monitor every transaction throughout their lifecycle, from issuance to redemption. Initial named clients within stablecoins include Paxos and TrustToken.
“Chainalysis has seen significant traction over the past year, and we believe there is a steep growth trajectory ahead,” said Sarah Tavel, General Partner at Benchmark and member of Chainalysis’s Board of Directors. “We are doubling down on our conviction that the firm’s technology will build trust in the ecosystem and encourage greater participation in markets.”
Published at Wed, 13 Feb 2019 02:04:01 +0000
