Cryptocurrency

Chainalysis Secures $30M Investment Led by Accel to Pave Way for Next Wave of Cryptocurrency Growth


Leading provider of cryptocurrency compliance and investigation solutions Chainalysis, has secured a $30M Series B financing which will help fund strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its R&D lab and regional expansion

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The round was led by venture capital firm Accel, led by Amit Kumar and Philippe Botteri, and Chainalysis’s lead Series A investor, Benchmark who also increased its investment in the company after a $16M Series A round last April.  Botteri will represent Accel on Chainalysis’s board of directors.

“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,” said Michael Gronager, CEO and Co-founder of Chainalysis. “We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.”

“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,” said Botteri, partner at Accel and based in London. “Chainalysis’s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures. “We look forward to supporting them across Europe, the U.S. and Asia,” added Amit Kumar, partner at Accel and based in Palo Alto.

Over the past year, the company has launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (“Know Your Transaction”), and expanded its coverage beyond Bitcoin to include Ether, Litecoin, Bitcoin Cash, and stablecoins. Over 100 financial institutions and cryptocurrency exchanges, including Binance, the world’s largest cryptocurrency exchange, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

The latest round of funding comes on the heels of Chainalysis’s recent launch of KYT for stablecoins – pegged cryptocurrencies designed to decrease volatility and appeal to a broader audience of users – that now have a total market cap of over $3B. With this solution, firms launching stablecoins will be equipped to monitor every transaction throughout their lifecycle, from issuance to redemption. Initial named clients within stablecoins include Paxos and TrustToken.

“Chainalysis has seen significant traction over the past year, and we believe there is a steep growth trajectory ahead,” said Sarah Tavel, General Partner at Benchmark and member of Chainalysis’s Board of Directors. “We are doubling down on our conviction that the firm’s technology will build trust in the ecosystem and encourage greater participation in cryptocurrency markets.”

 

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.

He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat

Ad honorem – Honorary Ph.d – Chair Professor of Blockchain at
China’s first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) – Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.

Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission’s SME
Instrument programme as a startup assessor and as a startup judge for
the UK government’s Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich

His network is global and extensive. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe

He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.

A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein’s professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he’s travelled for nearly 30 years as a Canadian
expatriate living around the world

In his 20s, he sailed around the world on small yachts and wrote a
series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’
travelling by hitching rides on yachts (1989) in major travel and
yachting publications. 

He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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