Report Chainalysis brings in $170 million at a valuation of $8.6 billion

That Blockchain-Intelligence startup Chainalysis has raised $170 million at a valuation of $8.6 billion, double from $4.2 billion in June last year.

Given the current market crash where Bitcoin Plunging below $30,000 on Monday, many believed the rush of investors supporting crypto startups seen last year might end. But Chainalysis’ valuation has doubled in the last round, suggesting that investors still favor companies in the crypto space.

$170 million round of funding

Chainalysis’ Series F funding round was led by Singapore-based sovereign wealth fund GIC. It is also an existing investor in the company, media reports said on Wednesday, attributing the information to an unnamed source.

Other investors in the last round included Dragoneer, Durable Capital Partners, Blackstone, Sequoia Heritage, 9Yards Capital, Altimeter Capital Management and SVB Capital.

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In June of last year, the company raised $100 million led by Coatue Management in a Series E funding at a valuation of $4.2 billion and in March 2021 $100 million in a Series D -Funding valued at over $2 billion.

Before the last round, Chainalysis received $336 million in investment from Benchmark, Accel, Paradigm, and Coatue.

growth course

The blockchain intelligence platform tracks data and transactions in the crypto space and provides information to its customers. Its services are used in over 70 countries by financial institutions, crypto exchanges, cybercrime firms and – most importantly – law enforcement agencies. In 2020, the company opened offices in Singapore and Tokyo to expand its presence in APAC.

In February 2021, America’s oldest bank, BNY Mellon, announced that it plans to integrate Chainalysis to monitor and analyze crypto transaction data as it prepares to offer its customers a digital asset profile.

Chain analysis tools, intelligence

Recently, Chainalysis was in the news for the launch of two new and free screening tools that promise to help the crypto industry easily identify addresses of sanctioned Russian individuals and entities. The first is an on-chain smart contract that stores the list of all embargoed individuals and organizations. The second was one APIwhich provided access to the same data for wallet validation on web and mobile devices.

In its most recent report, Chainalysis said that the NFTmarket has experienced rapid growth in the first 4 months of 2022. Despite a downward trend in the broader crypto market, $37 billion was spent on NFTs during this period, compared to $40 billion for all of 2021, the report said.