Chainalysis Got $100 Million In Funding, Hits Value Of $1 Billion

Chainalysis got $100 million in investments in its third round of funding in 6 years and has become a $1 billion blockchain company. In our Blockchain latest news today, we are reading more about the latest funding round.

Chainalysis built a reputation in the crypto space and became extremely popular.
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Now, Chainalysis got $100 million in investments in the latest, third round of funding in 6 years since its launch. The company has achieved a value of more than $1 billion. The Series C round was led by Addition which is also an investment company founded by investor Lee Fixel from Tiger Global Management. Other investors like Accel, Rabbit, and Benchmark joined as well.

We are thrilled to announce we've expanded our Series B w/ @RibbitCapital and @sound_ventures_ to propel the cryptocurrency industry's growth by further uniting the public & private sectors: https://t.co/T2Mu9bO75N

— Chainalysis (@chainalysis) July 7, 2020

Michael Gronager, the co-founder and CEO of Chainalysis expressed his enthusiasm after the success of the round and noted that these funds will help expand the operations of the company and will benefit the investors especially Addition which was among the biggest investors. This all happened thanks to Chainalysis’s contracts and other private and government agencies that are searching for a monitoring tool to see what will happen in the blockchain space. Speaking about this funding round, Gronager said:

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

Investors have hit the mark without a doubt as the company is growing rapidly and doesn’t fail to deliver. There are still no official figures but Forbes estimated that Chainalysis accounted for about $8 million in profits in 2018 growing about 100% since 2019 and they also expect to report similar growth until 2022. The company became extremely popular in the crypto space for its efficiency in tracking transactions and also providing essential insight into the state of crypto today.

Chainalysis along with Integra Fec. received a combined $1.25 million contract from the IRS in order to create a tool that will trace Monero. Another company also tries to create a tool that will be able to track Monero which is, of course, Ciphertrace.