Chainalysis raises $170 million in 6th funding round with $8.6 billion valuation

NEWYORK – Chainalysis, the New York-based blockchain knowledge platform firm, mentioned on Thursday it had raised $170 million of latest funding, bringing its valuation to $8.6 billion.

The funding spherical, its sixth for the reason that firm’s launch, was led by GIC, Singapore’s sovereign wealth fund. Earlier traders corresponding to Blackstone, Financial institution of New York Mellon, and enterprise capital agency Accel additionally participated.

“There's a entire transformation taking place the place the world of finance’s working programs are transferring to crypto. Our firm may have an enormous alternative on this market,” Michael Gronager, Chainalysis co-founder and chief government officer advised Reuters in a cellphone interview.

“We're rising in areas corresponding to Europe and Asia-Pacific. Up to now up till now, we had mainly no presence in South America, so that's one other development space for us. Clearly, we’re investing in worldwide expansions,” he added.

Whereas authorities companies have lengthy acknowledged the significance of blockchain knowledge and evaluation, demand has reached new highs prior to now yr for danger administration and enterprise intelligence merchandise from exchanges, decentralized finance platforms, and monetary establishments coming into the cryptocurrency area, Chainalysis mentioned in a press release.

Crypto’s rising adoption and acceptance have additionally led to larger regulatory scrutiny, furthering demand from institutional customers for Chainalysis companies.

GIC and BNY Mellon confirmed their funding in Chainalysis in a press release. Blackstone and Accel additionally confirmed their investments in separate e-mails to Reuters.

“Chainalysis is in a singular place of operating an SaaS (software program as a service) enterprise within the cryptocurrency area as a result of stability of its enterprise mannequin in addition to the rising demand for belief and security within the general business,” mentioned Choo Yong Cheen, chief funding officer of personal fairness at GIC.

SaaS can be known as “on-demand” software program.

BNY Mellon mentioned its funding in Chainalysis was a “pure development” of an already established and “productive alliance”.

In June final yr, Chainalysis raised $100 million, led by funding agency Coatue.