Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Blockchain forensics startup Chainalysis raises $100 million at $2 billion valuation

03/26/2021 | 08:52am EDT
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

LONDON (Reuters) - New York-based Chainalysis, a startup that allows companies and government agencies to analyse and investigate blockchain transactions, said on Friday it had raised $100 million from investors at a valuation of more than $2 billion.

The round was led by investment firm Paradigm, with participation from existing backers Addition, Ribbit and TIME Ventures, Chainalysis said.

The cash injection will be used to provide enterprise data solutions to cryptocurrency businesses, financial services companies and government agencies, the company said.

"We'll continue to invest in investigations and compliance software, but we'll also build out new data products both for our existing customer base and new audiences," said Michael Gronager, the firm's co-founder and chief executive.

"We're also investing in our international expansion."

The funding round comes amid a boom in the cryptocurrency market, where more established financial companies are launching products and services and existing startups see business grow.

This has fed demand for technology such as that of Chainalysis, which helps private firms and law enforcement track transactions to spot and prevent illicit activity such as money laundering.

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

Chainalysis, which had last raised $100 million in November, said it has doubled its client base and hired 116 new employees over the past year.

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

(Reporting by Anna Irrera; Editing by Clarence Fernandez)

By Anna Irrera

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.08% 0.7614 Delayed Quote.-0.94%
BRITISH POUND / US DOLLAR (GBP/USD) 0.27% 1.37448 Delayed Quote.0.23%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.20% 0.79575 Delayed Quote.1.60%
EURO / US DOLLAR (EUR/USD) 0.08% 1.1905 Delayed Quote.-2.61%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.42% 0.013327 Delayed Quote.-2.26%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.18% 0.7023 Delayed Quote.-2.09%
Latest news "Economy & Forex"
03:11pOil rises on U.S. vaccine rollout, Middle East tension
03:10pShake-up at Airbus as defence and technology chiefs quit
03:07pNvidia expects first-quarter sales to exceed $5.3 billion
03:06pCanadian province of ontario to close schools for in-person learning due to rising covid-19 cases -premier
03:05pEXCLUSIVE : Goldman risk group examines 2021 market events for lessons - sources
03:03pEXCLUSIVE : GameStop initiates search for new CEO - sources
03:01pU.S. budget deficit hits record high for March as aid swells outlays
02:56pWTO chief seeks solutions to 'glaring' vaccine inequity, upbeat on IP waiver
02:55pCENTRAL BANK OF EGYPT† : Press Release Balance of Payments Performance in the First Half of FY ...
02:49pS&P 500, Dow dip ahead of earnings, inflation data
Latest news "Economy & Forex"