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Cryptocurrency investigation firm Chainalysis plans to raise $ 100 million in venture capital with a $ 1 billion valuation as early as next week, the company told Forbes.
The C series is led by newcomer VC Addition with expected participation from Accel, Benchmark and Ribbit, according to Forbes. These three companies have all invested in the first rounds of Chainalysis.
Once closed, the increase will skip Chainalysis, a blockchain analytics company that builds cryptographic tracking tools for governments and exchanges, into the unicorn status of cryptocurrency. Only a handful of cryptocurrency companies grossed $ 1 billion plus valuation. No one has ever done this from the crypto tracking niche.
But the traceability industry is by all accounts booming. Governments, banks, exchanges, regulators and investigators are clamoring for tools to help them track bitcoin. The US government in particular pays millions to Chainalysis annually.
Chainalysis has also reported an increase in new business in recent times. The company increased its customer base by 65% from Q3 2019 to Q3 2020. Recurring revenue also doubled during that period.
