Led by Paradigm, the funding round valued the blockchain analysis company at over $2bn


The round attracted investment from existing investors Addition and Ribbit. (Credit: Pete Linforth from Pixabay)

Blockchain analysis company Chainalysis has raised $100m in Series D financing round to expand its enterprise cryptocurrency data business.

The funding round led by Paradigm valued the company at more than $2bn. The round attracted investment from existing investors Addition and Ribbit along with participation from TIME Ventures, the investment fund for Marc Benioff.

The latest financing round follows $100m Series C round that took place in November 2020.

Chainalysis intends to use the proceeds to extend its business to offer enterprise data solutions to cryptocurrency businesses and financial services providers, which are looking to optimise their market development strategies.

In addition, it plans to utilise the funds to provide solutions to asset managers and financial institutions that want to gain enhanced understanding of cryptocurrency market trends.

Chainalysis co-founder and CEO Michael Gronager said: “At Chainalysis we believe that eventually every company will use the blockchain to conduct their business.

“We’ve collected more information about what happens on blockchains than anyone in the cryptocurrency industry. That information enables our customers to make better data-driven decisions. Our partners at Paradigm share our vision and understand that the data Chainalysis provides will enable accelerated adoption of cryptocurrency.”

The company will also use the funds raised in the latest round to offer enterprise data solutions to government agencies that identify and map connections across datasets to build comprehensive pictures of threat actors that abuse cryptocurrency.

Chainalysis offers data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.

The company said that its proprietary cryptocurrency data powers its investigations and compliance software that allows government agencies and private sector businesses to detect and prevent cryptocurrency crime and money laundering.

It claims to have grown its support to cover over 100 digital assets across 10 native blockchains over the past year.