The crypto forensic company Chainalysis reached $2 billion in value as of late as the demand for blockcahin analytics grew dramatically over the past few months. The company announced a $100 million Series D funding round as well so let’s read more in our latest crypto news today.
The crypto forensic company Chainalysis raised another $100 million in funding and this capital brought the company’s valuation to over $2 billion. The company raised the funds in a Series D funding and propelled its value to $2 billion as the company announced in a press release:
“What we see right now is that the market is growing and that some often traditional players are embracing crypto in a way that we haven’t seen before.”
We’re excited to announce that we’ve raised a $100M Series D at a $2B+ valuation to fuel our continued growth! @Paradigm led the round, with participation from TIME Ventures, investment firm of @Benioff, and previous investors Addition and @RibbitCapital. https://t.co/8JEQ0jhtAa pic.twitter.com/zNieAmJmcD
— Chainalysis (@chainalysis) March 26, 2021
The funding round was led by investment company Paradigm along with TIME Ventures which is an investment fund led by SalesForce CEO Marc Benioff. Also, two of the previous investors in the company Ribbit and Addition increased their investments as well. The co-founder of Paradigm, Fred Ehrsam added:
“Paradigm is passionate about investing in companies that enable the future of money. Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings.”
Chainalysis was valued at half of its current valuation four months ago and when the company closed another $100 million funding round, its valuation skyrocketed as the CEO Gronager added:
“What has changed over the last four months is the opportunity and the speed by which we will grow into more customers and more revenue has simply gone up. That means we need to do a lot more building now.”
According to today’s release, the company will use the new capital to expand the company’s business and offer enterprise data solutions to crypto businesses, asset managers, service providers, and financial institutions as well as government agencies that need to identify and map connections across databases to build a comprehensive picture of threat actors that abuse crypto. Gronager concluded:
“At Chainalysis we believe that eventually every company will use the blockchain to conduct their business.”
If this happens, Chainalysis has plenty of work ahead. As we reported a year ago, 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.