An announcement was recently made by a prominent blockchain forensics firm called Chainalysis. They disclosed that the company had managed to raise another $100 million in funding that would help them in expanding its operational scale. This is the third funding round that has been conducted by Chainalysis since it was launched six years ago. This has helped the company in achieving a total value that exceeds an impressive $1 billion. Addition was leading the investment in the Series C round, which is an investment firm that was founded by Lee Fixel. He is a former investor in Tiger Global Management.
Some of the other members who also participated in this newest funding round included names like Ribbit, Accell, and Benchmark. The co-founder and chief executive of Chainalysis, Michael Gronager, was pleased with the success of the third funding round and had some very enthusiastic things to say about it. He noted that the new funds that the company has managed to raise will be used for expanding the operations of Chainalysis, which would undoubtedly benefit their investors. Gronager was quick to highlight that the Addition was going to get the most benefits because the company had injected most of the funds in this latest round.
He further shed some light on the number of contracts held by the company, which are spread across both private and government agencies. Their goal is to monitor the blockchain space with the best possible tools available. Gronager mentioned a number of things when he made an official public statement regarding this matter. According to the CEO, there is a greater need for government agencies and the private sector to find the right data, tools, and insights for enacting responsible oversight and participation in the crypto economy. He went on to say that Chainalysis had become part of the agency networks of governments of 30 countries.
He further stated that their firm was also leveraged by more than 250 of the most essential businesses in the world. According to Gronager, Addition is well-aware of the power of Chainalysis’s platform and described them as the right partner for the next phase of growth of the company. Recently, they have experienced huge amounts of growth and have certainly not failed to deliver in return after what the investors have put into it. According to the numbers estimated by Forbes, Chainalysis was able to rake in $8 million in profits back in 2018 and had experienced a 100% growth rate in 2019.
Forbes has stated that they expect this 100% growth trend to continue every year till 2022. Chainalysis is well-recognized across the crypto space for its abilities when in tracking blockchain transactions, solving crimes and generating critical insights regarding the state of the crypto space on a day-to-day basis. One of the most recent big moves that Chainalysis made is a combined contract that was valued at $1.25 million. This was made with the IRS, along with data analytics firm FEC. The contract is for creating tools that can be used for tracking transactions within the Bitcoin and Monero network.