Victor Ugochukwu · Dec 14, 2020 . 5min read
Chainalysis Secures $13 Million in Series B Funding
Chainalysis Secures $13 Million in Series B, Lands former US Treasury Official as Advisor
By Victor Ugochukwu · Jul 9, 2020 . 7min read
- NewYork based Data Analysis firm Chainalysis secures $13 million in the latest funding round
- Sigal Mandelker, a former US Treasury joins its board as part of the funding agreement.
Chainalysis recently secured $13 million in its expanded Series B funding totalling $49 million. Former US Treasury official, Sigal Mandelker who served under Donald Trump joins its board as part of the funding agreement.
This latest funding round has Ribbit Capital and Sound Ventures as investors. Mandelker joins Chainalysis from Ribbit Capital Partners as an adviser.
Mandelker served as the Under Secretary for Terrorism and Financial Intelligence at the U.S. Department of the Treasury. Subsequently, brings her wealth of experience and deep backgrounds in related activities to help further Chainalysis goal.
Although Chainalysis is a private firm, it is not shy about its continuous push and partnership with governments. Chainalysis believes that the growth of cryptocurrencies and its ecosystem such as exchanges only comes when law enforcement and regulators become comfortable. Only this kind of synergy can allow financial institutions can enter the ecosystem safely and responsibly.
Michael Gronager, CEO and Co-Founder, Chainalysis speaking on this development said:
“Chainalysis is founded on the belief that providing data insights into cryptocurrency activity will unite government agencies, exchanges, and financial institutions to fuel the industry’s growth,”
Presently, over 180 private sector customers across 44 countries use the company’s compliance products. It offers Chainalysis KYT (Know Your Transaction) and Chainalysis Kryptos. This demonstrates the growing need for transparency needed to drive growth across the industry.
With these massive userbase, Chainalysis through this latest Series B funding round hopes to add more software engineers, government sales, and other business roles in its team.
With growing interest in cryptocurrency activities equally comes a corresponding interest by fraudsters and hackers. For instance, Chainalysis worked together with FBI and the Department of Justice in the United States in tracking and shutting down of the “Welcome to Video” – the largest child pornography site operating in the darknet.
Surprisingly, Ashton Kutcher, the legendary Hollyworod actor serving as the General Partner, Sound Ventures that participated in this funding round showered Chainalysis with high praises.
“Chainalysis’s market-leading position at the intersection of fintech and cybersecurity makes them an essential part of the economy of the future”
An obviously pleased Kutcher with Chainalysis especially in its role of tracking down and exposing crime rings continued:
“They are also one of the rare companies whose work protects society’s most vulnerable people, as demonstrated by their work on assisting the shutdown of the largest ever child abuse material site.”