Home Business Crypto Analytics Firm Chainalysis Raises $170M at $8.6B Valuation

Crypto Analytics Firm Chainalysis Raises $170M at $8.6B Valuation

Crypto Analytics Firm Chainalysis Raises $170M at $8.6B Valuation

Chainalysis, one of many world’s largest crypto and blockchain intelligence companies, has reportedly raised $170 million in a Series F funding spherical led by GIC, a Singapore-based sovereign wealth fund.

The information was first reported by The Information, citing an individual with direct data of the matter.

Founded in 2014, Chainalysis supplies software program instruments that enable authorities businesses, monetary establishments and personal corporations, together with crypto exchanges and pockets suppliers, to detect and stop crypto-related crime and cash laundering.

The supply mentioned that the contemporary funding doubles Chainalysis’ valuation, bringing it to a whopping $8.6 billion, together with the funding.

In March 2021, Chainalysis raised $100 million in a Series D funding spherical, propelling its valuation above $2 billion, adopted by a $100 million Series E financing final June, which introduced the crypto sleuthing agency’s valuation to $4.2 billion.

The whole quantity the agency raised up to now is now standing at $536 million, per Crunchbase.

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Chainalysis rolls out new instruments

Earlier this 12 months, Chainalysis launched two new tools—an on-chain oracle and a public API—to make it simpler to display crypto wallets for sanctions compliance.

“As countries around the world continue to leverage economic sanctions in response to Russia’s invasion of Ukraine, decentralized Web3 groups like DEXs, DeFi platforms, DAOs, and dapp developers are searching for lightweight tools to help them and their customers comply with sanctions policies,” Chainalysis mentioned at the time.

While it usually affords business merchandise, the New York-based agency pressured that these instruments are being supplied to trade individuals at no price.

Last month, Tornado Cash, a coin mixing device for the Ethereum blockchain, revealed that it makes use of each Chainalysis’ oracle and API to stop addresses sanctioned by the U.S. authorities from utilizing the privateness app.

In February, Chainalysis and crypto journalist Laura Shin conducted a joint investigation into the motion of funds stolen through the notorious DAO hack in 2016, accusing Toby Hoenisch, co-founder and CEO of crypto debit card firm TenX, of coordinating one of many trade’s largest hacking incidents.

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Hoenisch, nevertheless, denied the allegations, saying that Shin’s “statement and conclusion is factually inaccurate.”

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