Chainalysis, the cryptocurrency analysis and compliance startup, has secured a $30 million in a Series B funding round led by Accel, a leading tech VC fund.
The funding will be used for ‘strategic product development’ and to make London their research and development lab. Chainalysis believe their compliance products will fill a role of growing importance in an industry that is seeking acceptance from financial regulators.
The Series B funding affirms Chainalysis’s position as a market leader for cryptocurrency compliance, Botteri, a partner at Accel said that Chainalysis “has quickly become the industry benchmark for blockchain analysis and compliance technology.”
The Chainalysis KYT “Know Your Transaction” software tracks cryptocurrency transactions and flags suspicious activity on a real-time basis. The product is used by over 100 cryptocurrency exchanges and financial institutions, including Binance.
Chainalysis raised $16 million in a Series A last April and the Series B seems to show strong investor confidence despite a tough year for the wider crypto industry.
Michael Gronager, CEO and Co-founder of Chainalysis explained:
While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency
Accel is a well-regarded Venture Capital fund which has backed fintech startups such as Monzo. Amit Kumar and Philipe Botteri have led Accel’s investment in Chainalysis, with the latter set to represent Accel on Chainalysis’s board of directors.
