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Blockchain startup Chainalysis raises 30 million dollars

Startup Chainalysis raises $30 million

Startup Chainalysis designed for the analysis of cryptocurrency transactions, raised $ 30 million in its second round of financing.

The company plans to use part of the funds for the opening of a new office in London, and a research laboratory that will help it to expand its presence in the UK and to strengthen cooperation with the High Street, Barclays and other banks. Round of financing has demonstrated that investors continue to invest their own money in the industry and the business, despite the prolonged slump of the cryptocurrency market.

The round was led by seasoned VC firm Accel and included additional investments from Benchmark, which invested in the startup $ 16 million in April last year. Accel’s investment was led by Amit Kumar and Philippe Botteri, and Botteri will represent Accel on Chainalysis’s board of directors.

Michael Gronager, CEO and co-founder of Chainalysis, said:

"The investment demonstrates the desire to make long-term contributions to the evolving cryptocurrency eco-system. Despite price fluctuations, among some very large venture capital firms, there is quite a strong conviction among some very big VCs that this is not a short term play."

Although the business is afraid of the U.K.’s pending departure from the European Union, Gronager highlighted the importance of London as a leading fintech hub. To date, Chainalysis employs 75 people; the company has offices in Copenhagen, Washington and New York.

In addition to the opening of a new office in London, Chainalysis also consider the possibility of cooperation with local universities which, according to Gronager, are leaders in some fields of research of the cryptocurrency. Whether it's the University College London or Imperial College ― is unknown, but Gronager said his company will be happy to cooperate with all educational institutions.

Gronager also noted that currently there is a growing interest from different banks to work with crypto-companies such as exchanges ― for example, Barclays long time has partnered with Coinbase.

Having launched real-time AML software Chainalysis KYT (“Know Your Transaction”) last year, team Chainalysis decided to cover not only bitcoin, ether and litecoin, but stablecoins and tokens that are somehow associated with fiat currencies.

Gronager said:

"Despite the fact that stablecoins do not create problems from the point of view of regulators, there are concerns about where and how exactly are transactions stablecoins and is there for them, appropriate regulatory oversight. Nevertheless our company is moving rapidly to the support of various stablecoins that suppliers could control them and cooperate with regulators. Thus we can achieve more accessible notions of regulation stablecoins, so they can be used not only for transactions between cryptocurrency exchanges, but also to transfer funds around the world."

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