Chainalysis Doubles Q3 Revenues, Grows Team with New Hires

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term intelligence platform, Chainalysis said it has grown the number of its customers by 65 percent over a yearly basis thanks to higher demand on its investigative technology from public sector agencies.

The New York-based crypto compliance startup also stated that it had doubled its quarterly revenues during the July-September period.

Chainalysis has recently onboarded the Wyoming’s Division of Banking, the banking regulator responsible for the chartering and supervision of state banks, to help the regulator combat money laundering, sanctions violations, and other criminal activities that use digital assets.

Additionally, the state regulator will employ Chainalysis tools to help federal and state law enforcement agencies conduct regular transaction testing and monitoring. Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Elsewhere, Chainalysis has appointed two new executives to its management team, the firm announced Tuesday. Rakib Azad, who recently led a successful IPO for MongoDB, will join the firm as VP Finance after spending many years at consumer products, retail, and software companies.

Furthermore, the cryptocurrency crimefighter has hired Betsy Bevilacqua as the firm's Vice President of Information Security. Bevilacqua is a veteran of the cyber-security industry, having served in information security and leadership roles at both startups and Fortune 500 companies, including eBay and Facebook.

Chainalysis Grows Its Team in Washington

“Chainalysis builds trust and brings legitimacy to the future of finance. When law enforcement and regulators become comfortable with digital assets, exchanges are able to grow and financial institutions can enter the ecosystem to safely and responsibly capitalize on this growing asset class. I’m excited about the top talent we are bringing on to prepare the company for the next wave of cryptocurrency adoption,” said Michael Gronager, Co-Founder and CEO, Chainalysis.

The crypto tracer is also expanding its team in Washington, having onboarded Amanda Wick as Chief of Legal Affairs, Erin Plante as Director of Technical Solutions, and Don Spies as Director of Market Development.

The solid financial results and new hires come weeks after Chainalysis raised an additional $13 million to expand the company’s Series B round to $49 million. Ribbit Capital and Sound Ventures were behind the latest cash injection.