Chainalysis Ups Valuation to $2B after Fresh $100M Funding Round
- Behind the latest cash injection was Paradigm, a crypto-focused investment firm based in San Francisco.
Cryptocurrency crimefighter, Chainalysis has raised $100 million in a Series D round that values it at $2 billion. The private valuation comes barely four months after the NY company attained the ‘unicorn’ title for the first time when it collected $100 million in a Series C financing back in November.
Behind the latest cash injection was Paradigm, a crypto-focused investment firm based in San Francisco. It was also joined by previous investors Ribbit and Addition, a new venture capital firm led by Lee Fixel who was a former top investor at Tiger Global Management.
Additionally, Chainalysis raised a further $13 million in July 2020 to expand the company’s Series B round to $49 million. The company initially nabbed a $30 million investment in February 2019, led by venture firm Accel, a growth-stage venture capital firm, then it raised a further $6 million from two major Japanese investors in April.
"Paradigm is passionate about investing in companies that enable the future of money. Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings," said Fred Ehrsam, Co-Founder at Paradigm.
The 75-person startup, which has offices in New York, Washington DC and Copenhagen, provides financial institutions, cryptocurrency exchanges and law enforcement with a platform to detect and investigate cryptocurrency money laundering, fraud and compliance violations.
Additionally, Chainalysis is 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 .
The 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 intelligence platform said last month it has grown the number of its customers by 65 percent over a year thanks to higher demand for its investigative technology from public sector agencies. Without revealing the exact figures, the crypto tracer stated that it had doubled its quarterly revenues during the July-September period.
US authorities disclosed that they leveraged Chainalysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.
The Department of Justice (DOJ) said it was assisted in seizing the Bitcoins by Chainalysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons and other nefarious goods.
Cryptocurrency crimefighter, Chainalysis has raised $100 million in a Series D round that values it at $2 billion. The private valuation comes barely four months after the NY company attained the ‘unicorn’ title for the first time when it collected $100 million in a Series C financing back in November.
Behind the latest cash injection was Paradigm, a crypto-focused investment firm based in San Francisco. It was also joined by previous investors Ribbit and Addition, a new venture capital firm led by Lee Fixel who was a former top investor at Tiger Global Management.
Additionally, Chainalysis raised a further $13 million in July 2020 to expand the company’s Series B round to $49 million. The company initially nabbed a $30 million investment in February 2019, led by venture firm Accel, a growth-stage venture capital firm, then it raised a further $6 million from two major Japanese investors in April.
"Paradigm is passionate about investing in companies that enable the future of money. Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings," said Fred Ehrsam, Co-Founder at Paradigm.
The 75-person startup, which has offices in New York, Washington DC and Copenhagen, provides financial institutions, cryptocurrency exchanges and law enforcement with a platform to detect and investigate cryptocurrency money laundering, fraud and compliance violations.
Additionally, Chainalysis is 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 .
The 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 intelligence platform said last month it has grown the number of its customers by 65 percent over a year thanks to higher demand for its investigative technology from public sector agencies. Without revealing the exact figures, the crypto tracer stated that it had doubled its quarterly revenues during the July-September period.
US authorities disclosed that they leveraged Chainalysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.
The Department of Justice (DOJ) said it was assisted in seizing the Bitcoins by Chainalysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons and other nefarious goods.