Developments

Chainalysis raises $30 million in Series B funding

Chainalysis, a crypto transaction analysis platform, has managed to raise $30 million in the latest round of investment proving that VC investors are still interested in the crypto industry despite the prolonged bear market.

The platform plans to use some of the funds to open a new office in London. It also plans to open a research development lab in the city as it aims to expand its presence in the country. The latest round of funding suggests that investors are still committing their money into crypto businesses despite the prolonged crypto winter.

Accel, a seasoned VC firm led the round that also included investments from Benchmark, a firm that had led the Chainalysis Series A round of funding last April that saw the firm raise $16 million.

Philippe Botteri and Amit Kumar led Accel’s investment. According to Chainalysis, Botteri will represent Accel on the firm’s board of directors.

According to Michael Gronager, the co-founder and CEO of Chainalysis, the investment indicates a continuing appetite from investors of making a long-term bet on the foundations of the emerging cryptocurrency ecosystem.

Adding:

“The investment and the timing of it shows that, despite fluctuating prices, there is quite a strong conviction among some very big VCs that this is not a short term play.”

Gronager went on to highlight the importance of the city of London as one of the leading fintech hubs despite various concerns from businesses due to Brexit, as the UK prepares to leave the European Union.

The startup also plans to explore research partnerships and collaborations with colleges in London which according to the CEO are leading the way in some areas of crypto research.

The crypto startup currently has over 100 employees and offices in Washington, New York, and Copenhagen.

What’s your take on Chainalysis managing to raise $30 million in the latest round of funding? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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