Press "Enter" to skip to content

Chainalysis reaches $ 1 billion valuation

Cryptocurrency

The forensic analysis and forensic firm Blockchain is now a $ 1 billion blockchain company after confirming a $ 100 million funding

In its third round of financing since its launch in 2014, Chainalysis raised $ 100 million in investments. Thanks to this funding, the forensic company has now added a $ 1 billion valuation. The last round of the C series was led by investment firm Addition de Lee Fixel.

Fixel previously worked with Tiger Global Management, an investment firm he joined in 2006. During his 13-year tenure with the New York company, he rose through the ranks to become a partner and head of the private equity business. He resigned from the company in 2019 and started his venture capital firm, Addition, earlier this year.

Other investors who were involved in the round include Accel, Benchmark and Ribbit. Chainalysis co-founder and chief executive Michael Gronager expressed enthusiasm after the round was completed.

Gronager said the funds will be redirected to help with the company’s expansion plans. He added that the investment would benefit his investors, even more so Addition, who contributed most. This round of financing can lead Chainalysis to unicorn status. Unicorn status has been a collector’s item in the crypto space, with only a handful of cryptocurrency companies having conducted valuations in excess of $ 1 billion. No cryptocurrency companies in the crypto tracking niche have achieved this status before.

Chainalsyis is well positioned to set that record as it has contracts with many private and government agencies looking to see what happens on the blockchain.

“Government agencies and the private sector need the right data, tools and insights to oversee and participate in the cryptocurrency economy responsibly. We have established a network of government agencies in more than 30 countries and more than 250 of the most important companies worldwide. Our partners at Addition understand the power of our platform and are a natural partner for this next phase of growth, ”said Gronager.

Chainalysis has grown to become a popular analytics company in the cryptocurrency industry due to its efficiency in monitoring blockchain transactions and delivering crucial insights in the crypto space. The company recently won a $ 625,000 contract with the IRS to develop a tool that will assist the IRS in deciphering Monero transactions.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.