Chainalysis, a notable blockchain forensics firm, has made an announcement today. This announcement pertained to having raised $100 million in investments in order for the firm to expand its operational scale.
Chainalysis Now Worth $1 Billion-Plus
This funding round stands as the third since Chainalysis’s launch six years ago, with the company itself managing to achieve a total valuation of more than $1 billion total.
This Series C round had Addition leading the investment. Addition stands as an investment firm founded by the former investor of Tiger Global Management, Lee Fixel. Other notable members within this investment round are as follows: Benchmark, Accell, and Ribbit.
The Mandatory Kind Words
Michael Gronager stands as the CEO and Co-Founder of Chainalysis, and had only enthusiastic words to say after the funding round’s success.
Gronager made note that this new funding will primarily be used in order to expand the operations of Chainalysis, which will benefit its investors. In particular, Gronager stated that Addition would benefit the most out of this, as the firm injected the most money in the funding round.
Gronager further highlighted the number of contracts that the firm holds, spread across both government and private agencies, all seeking to monitor the blockchain space with the best tools they can find.
In an official public statement, Gronager gave a number of statements. He highlighted the need of the private sector and government agencies alike to have the right tools, data, and insights to enact responsible participation and oversight of the crypto economy.
He highlighted Chainalysis being established in over 30 countries’ government agency networks, and further stated that over 250 of the world’s most essential businesses leverage his firm as well.
He claimed that Addition understands the Chainalysis platform’s power, describing them as a natural partner for the next phase in Chainalysis’ growth.
Chainalysis Seeing Monumental Growth
Chainalysis has seen monumental amounts of growth, not failing to deliver to the investors that put money into it. As it stands now, Forbes gave out an estimate that Chainalysis recorded around $8 million in profits for 2018, seeing a growth of 100% in 2019. Forbes expects that this 100% growth trend will only continue every year until 2022.
Chainalysis is known across the crypto space regarding its abilities when solving crimes, tracking blockchain transactions, and allowing for critical insights regarding the crypto space’s state on the day-to-day.
One of the most recent big moves from Chainalysis is a combined contract of $1.25 million it received from the IRS, gaining it alongside the Integra FEC data analytics firm. The contract itself asks for the two firms to create tools that allow for the tracking of transactions within the Bitcoin Lightning And Monero networks.