Company doubles down on public sector growth; Ribbit’s Sigal Mandelker joins as advisor
Chainalysis, the blockchain analysis company, announced it raised an additional $13M to expand its Series B round to $49M with an investment from Ribbit Capital and Sound Ventures. With the funds, which follows a $36M raise from Accel, Benchmark, MUFG and Sozo Ventures last year, Chainalysis will grow and deepen its government relationships and further unite the public and private sectors to fuel the cryptocurrency industry’s growth through the addition of software engineers, government sales, and other business roles. Sigal Mandelker, General Partner at Ribbit Capital and former Under Secretary for Terrorism and Financial Intelligence at the U.S. Department of the Treasury, will join as an advisor to Chainalysis.
Read More: smartTrade’s Solution Awarded Best Multi-Asset EMS System by Markets Media
Chainalysis is doubling down on its government business to propel a flywheel of growth for the industry: when law enforcement and regulators become comfortable with cryptocurrency, exchanges are able to grow and financial institutions can enter the ecosystem safely and responsibly. Over the past year, the company has continued to enhance its unrivaled blockchain data and foundational investigative product, Chainalysis Reactor, providing insights into how and why people move money across the world and growing revenue from new government customers by almost 400%. The company’s compliance products, Chainalysis KYT (Know Your Transaction) and Chainalysis Kryptos, are now used by over 180 private sector customers across 44 countries, demonstrating the need for transparency to drive growth across the industry.
Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
“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,” said Michael Gronager, CEO and Co-Founder, Chainalysis. “Ribbit Capital’s deep fintech, cryptocurrency, and government experience and Sound Venture’s commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion.”
Read More: Strider Announces John Mullen, Former Assistant Director of CIA, Joins Company as Advisor
