Chainalysis Raises $100 Million at More Than $2 Billion Valuation to Expand Enterprise Cryptocurrency Data Business
NEW YORK, March 26, 2021 /PRNewswire/ -- Chainalysis, the blockchain analysis company, today announced it secured a $100 million Series D financing led by Paradigm, bringing its valuation to over $2 billion. Previous investors Addition and Ribbit increased their investment in the company, and TIME Ventures, the investment fund for Marc Benioff, also participated.
Chainalysis's proprietary cryptocurrency data powers its industry-leading investigations and compliance software, which enables government agencies and private sector businesses across the world to detect and prevent cryptocurrency crime and money laundering. This capital will be used to extend Chainalysis's business to provide enterprise data solutions to:
"Paradigm is passionate about investing in companies that enable the future of money," said Fred Ehrsam, Co-founder, Paradigm. "Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings."
"At Chainalysis we believe that eventually every company will use the blockchain to conduct their business," said Michael Gronager, Co-founder and CEO, Chainalysis. "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."
"What makes cryptocurrency unique is its inherent transparency, and with the right data, businesses can gain valuable intelligence," said Zac Prince, CEO, BlockFi. "Chainalysis is already able to provide us with data that delivers insights beyond compliance that can help inform our business development activities, tailr our offerings, and identify new revenue streams."
Chainalysis's Series D financing comes on the heels of its $100M Series C round in November 2020. Over the past year, the company has:
Chainalysis has been an enabling force for the growth of the cryptocurrency industry for over six years. The company plans to hire hundreds of new positions across all functions in 2021 to continue its global expansion.
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