Chainalysis, a blockchain analytics company, has raised $170 million in its Series F round of funding. The new fundraising surpassed the company’s last $100 million raise in June 2021 and more than doubled its $4.2 billion valuation to reach $8.6 billion.
We're thrilled to announce a $170 million Series F financing led by GIC, Singapore's sovereign wealth fund, with participation from our existing investors, bringing our valuation to $8.6 billion. https://t.co/SOt4v46HCM pic.twitter.com/jJHDumzJfd
— Chainalysis (@chainalysis) May 12, 2022
The funding round was headed by Singaporean sovereign wealth fund GIC and saw the participation from big firms like Accel, Blackstone, Dragoneer, and FundersClub. First-round participants were Bank of New York Mellon and Emergence Capital. Notably, Accel previously led Chainalysis’ $30 million Series B round in 2019.
As per the release, Chinalysis, which opened a new office in Australia back in November 2021, is aiming to use the funds to improve product innovation and scale global operations, building on the existing customer base of 750 organizations in 70 nations.
Chainalysis to bring API to discourage fraudulent activities
Chainalysis is well-known on a consumer level for its statistically insightful reports on the decentralized finance (DeFi) sector, often with an underlying focus on financial security. For instance, it discovered a low-profile malware stealing millions in January this year, as TheCoinRise reported. It operates a software as a service (SaaS) business model for global corporations and governmental institutions.
Chainalysis has outperformed the correcting market as a new official member of the Crypto Market Integrity Coalition, alongside Coinbase, BitMEX, and Huobi Tech, among others.
The advent of Chainalysis’ on-chain oracle screening software aimed at boosting the power of crypto exchanges in recognizing and addressing fraudulent wallets and transactions was the company’s most recent development.
The company is expecting to facilitate the forbidding power of exchanges against sanctioned wallet addresses in the near future with the help of an application programming interface (API) service. The motive to discourage fraudulent activity in the sector is the company’s foremost priority.
In April, Crypto.com’s Cronos announced that it had joined hands with Chainalysis to allow real-time transaction monitoring capabilities for its Cronos (CRO) token.