Crypto compliance provider Chainalysis collects $30m funding
Chainalysis, a provider of cryptocurrency compliance and investigation solutions, has secured $30 million Series B financing led by Accel.
More funding for Chainalysis
Its Series A investor, Benchmark, also increased its investment in the company after a $16 million Series A round last April.
The firm will use the funding for cryptocurrency product development and to open an office in London that will act as a hub for its R&D 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 cryptocurrencies, Chainalysis KYT, and expanded its coverage beyond Bitcoin to include Ether, Litecoin, Bitcoin Cash, and stablecoins.
Over 100 financial institutions and cryptocurrency exchanges, including the likes of Binance, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.
“Chainalysis’s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures,” says Botteri.
The latest round of funding comes on the heels of Chainalysis’s recent launch of KYT for stablecoins, i.e. pegged cryptocurrencies designed to decrease volatility. Stablecoins now have a total market cap of over $3 billion.
According to Chainalysis, 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.
