Financial Services News

Chainalysis’ valuation rises to $8.6 billion: Blog

Blockchain data platform Chainalysis has announced its Series F funding of $170 million. According to the Chainalysis blog, the funding was led by sovereign wealth fund GIC, Singapore, which brings Chainalysis’s valuation to $8.6 billion. Previous investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and the Bank of New York Mellon and Emergence Capital also participated in the funding. Chainalysis aims to use the fresh funds for investing in product innovation and scale its global operations for meeting consumer demand.

Insights from the report stated that in the past year, Chainalysis’s customer count increased by 75% and has more than 750 customers in 70 countries. Chainalysis’s private customer base doubled and financial services tripled which led to it having more than 100 financial institutions as customers, and its customer count, which accounted for more than $100,000 in annual recurring revenue, increased by 75% to 150 customers.

Chainalysis raised its Series E funding in June, 2021, since then the platform has partnered with NFT platform Dapper Labs, fintech company Robinhood, and traditional financial institutions such as The Bank of New York Mellon, Cross River Bank, and Commonwealth Bank in Australia (CBA). Chainalysis’s business grew specifically across the Asia-Pacific region with  doubled revenue and customer count in 2021. In terms of company sales, Chainalysis has maintained a customer satisfaction NPS score of over 80%, as per the blog.

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Chainalysis contributed towards disrupting criminal activity and recovering funds in November, 2021, when IRS Criminal Investigations seized over $3.5 billion worth of cryptocurrency in 2021 which represented 93% of all funds seized by the division in that period,according to the Chainalysis blog. It also seized $2.3 million from the ransomware group held responsible for the Colonial Pipeline attack, and Office of Foreign Assets Control’s (OFAC) sanctioning of two Russia-based cryptocurrency services involved in money laundering.

As per the blog, Chainalysis offers decentralised finance (DeFi) identifications including 100% coverage of the top 15 decentralised exchange (DEX) liquidity pools, along with providing its cross-chain investigations for investigators to operate around the increasing number of blockchains. Chainalysis screens on average $1 trillion in transaction value each month across all cryptocurrency assets, and did its second compliance audit for KYT and Reactor products. Chainalysis claims to have hired over 450 people and currently has more than 700 employees.

(With insights from Chainalysis blog)

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