Chainalysis Raises $100 Million with a $2 Billion Valuation, No Plans to Go Public Yet

2021-3-28 16:44

Blockchain research and analysis firm Chainalysis is the latest company in the crypto industry to raise funds. The firm has raised $100 million from investors led by Paradigm, co-founded by crypto exchange Coinbase co-founder Fred Ehsram.

TIME Ventures, the investment fund of billionaire Marc Benioff also participated in the funding round along with the previous backers, Addition, and Ribbit.

The new investment came just on the back of a $100 million investment in November, bringing Chainalysis’s valuation at more than $2 billion.

The New York-based company helps private firms and government agencies process and mine blockchain data for analysis recorded on blockchains to root out “cryptocurrency crime and money laundering.”

The company aims to use the raised funds for hiring across all parts of the organization and expand its product portfolio to provide new data solutions.

Chainalysis is building solutions for cryptocurrency businesses and financial services providers to optimize their market development strategies based on on-chain customer behaviors, help asset managers use on-chain data to discover crypto investing opportunities, and government agencies connect on-chain activity to other data sets.

As of yet, Chainalysis has no plans to go public, said Chief Executive Officer Michael Gronager, adding that they are choosing growth over profitability for the time being.

“We’re assuming we can do even better in 2022,” he said. “We can do more, but doing more takes money.”

The post Chainalysis Raises 0 Million with a Billion Valuation, No Plans to Go Public Yet first appeared on BitcoinExchangeGuide.

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