This is the tenth largest funding for the Blockchain Aggregation and Reporting Service since October 2014.
Chainalysis, a provider of blockchain analytics, announced its $170 million Series F funding round. This new funding follows the $100million raise in June 2021. It more than doubles its $4.2 billion valuation.
GIC, a Singaporean sovereign wealth fund, led the raise. Accel also participated in the round as an investor. Accel was previously involved in Chainalysis’ $30 Million Series B round in 2019, and Blackstone Dragoneer FundersClub. As first entries, Emergence Capital and Bank of New York Mellon also participated in this round.
The announcement states that the funds will be used to improve product innovation and scale global operations, expanding upon the existing customer base which includes 750 companies in 70 countries.
Chainalysis, a software-as-a-service (SaaS), business model, is well-recognized at a consumer level because of its quantitatively insightful reports about the Decentralized Finance (DeFi) sector. It often has an inherent focus on financial safety.
Chainalysis, a newly formalized member in the Crypto Market Integrity Coalition alongside Coinbase and BitMEX, has outperformed other correcting markets to demonstrate the need for compliance and security within the new financial sector of cryptocurrency.
Chainalysis’ latest development was the introduction of an on-chain oracle scanning software. This software is designed to increase the power of cryptocurrency exchanges in identifying, and targeting, malicious wallets.
A service called the Application Programming Interface (API) is planned to provide support for the prohibition of exchanges against sanctioned address wallet addresses in order to prevent fraudulent activity in this space.