The logo of Chainalysis is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in Ta' Qali
FILE Picture: The emblem of Chainalysis is found on their exhibition stand at the Delta Summit, Malta’s formal Blockchain and Digital Innovation occasion selling cryptocurrency, in Ta’ Qali, Malta Oct 3, 2019. REUTERS/Darrin Zammit Lupi

March 26, 2021

By Anna Irrera

LONDON (Reuters) – New York-primarily based Chainalysis, a startup that allows providers and govt organizations to analyse and look into blockchain transactions, mentioned on Friday it had lifted $100 million from investors at a valuation of more than $2 billion.

The round was led by financial investment agency Paradigm, with participation from present backers Addition, Ribbit and TIME Ventures, Chainalysis stated.

The money injection will be utilized to offer enterprise data remedies to cryptocurrency enterprises, money expert services firms and govt organizations, the company said.

“We’ll proceed to make investments in investigations and compliance program, but we’ll also build out new details solutions each for our existing customer foundation and new audiences,” said Michael Gronager, the firm’s co-founder and chief executive.

“We’re also investing in our international enlargement.”

The funding round arrives amid a growth in the cryptocurrency industry, exactly where additional proven economical providers are launching items and services and present startups see company develop.

This has fed need for technological know-how this kind of as that of Chainalysis, which assists personal firms and regulation enforcement track transactions to location and avoid illicit action such as revenue laundering.

Cryptocurrency transactions are recorded on their underlying blockchain, a digital public legder.

Chainalysis, which had last elevated $100 million in November, mentioned it has doubled its client base and employed 116 new employees over the previous year.

It now covers 100 cryptocurrencies, encompassing about 90% of economic activity in the nascent asset class, it claimed.

(Reporting by Anna Irrera Editing by Clarence Fernandez)