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Blockchain intelligence company Chainalysis joined the unicorn club after raising $ 100 million in a C series.
Addition Capital led the funding round, along with previous investors Accel, Benchmark and Ribbit Capital, who increased their investments to bring the fintech valuation above $ 1 billion.
Founded in 2014, Chainalysis provides increased transparency and regulatory insights and oversight of cryptocurrency markets and emerging decentralized finance (DeFi) protocols. Its data solutions and software platforms serve government agencies, financial institutions and other private sector enterprises around the world.
“Government agencies and the private sector need the right data, tools and insights to responsibly oversee and participate in the cryptocurrency economy,” said Michael Gronager, co-founder and CEO of Chainalysis.
“We have built a network of government agencies in over 30 countries and more than 250 of the world’s leading companies that are making transactions safer and easier for consumers and businesses by fundamentally changing the way money works.
The new capital will be channeled into the expansion of that global presence, a continuation of plans backed by Chainalysis’s previous $ 49 million funding round, which ended in July. Since then his team has grown by around a third, with the addition of 50 new specialists – a boost to talent acquisition he intends to continue in the US, UK and Denmark. The fintech also recently opened two new hubs in Singapore and Tokyo, from which it will support a focused effort to reach the many sophisticated cryptocurrency users across APAC territory.
Bitcoin goes bull
The Chainalysis valuation follows a historic month for Bitcoin, the highest profile and most traded digital currency. The cryptocurrency has followed a steady upward trajectory since before the US election and now regularly fluctuates between $ 18,500 and $ 18,750. Encouraged by the renewed interest from institutional and novice investors. Bitcoin is fast approaching its previous high of $ 19,783, the price it hit in 2017 before a major plunge.
Analysts believe the price will continue to rise. In a study of 700 high net worth investors, DeVere found that three quarters intend to buy into the cryptocurrency market by 2022, Bitcoin is the most likely entry point, along with other traditional alt coins like Ethereum and Ripple XRP
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