Crypto & NFT investigations platform Chainalysis secures $170 million in Series F funding round at $8.6 billion valuation
The newly-secured funding from the Series F round led by Singaporean sovereign wealth fund GIC will be used for further expanding the team and improving the platform.
The Bank of New York Mellon, Emergence Capital, Accel, Blackstone, Dragoneer, and FundersClub also took part in the financing, with the latter four being investors who have funded the analytics company before. This puts the crypto & NFT investigations platform that is made for various businesses and government agencies at an astounding $8.6 billion valuation.
The Chief Investment Officer of Private Equity at GIC, Choo Yong Cheen, commented the following:
“Chainalysis is in a unique position of running a SaaS business in the cryptocurrency space due to the stability of its business model as well as the increasing demand for trust and safety in the overall industry. We are pleased to expand our partnership and look forward to their next stage of growth.”
This new funding will be used to further expand the team while also improving its current suite of products that includes software such as Reactor, a blockchain analysis tool for tracking down illegal financial activity.
The co-founder and CEO of Chainalysis, Michael Gronager, said:
“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies like NFTs disrupting traditional markets. Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders, and the market opportunity before us. I’m thrilled to deepen our relationship with their team, especially as we expand our business in the APAC region.”
As the NFT gaming industry continues to grow, so too do the number of scams and cyber-attacks in the space. This makes tools such as the ones Chainalysis offers increasingly important for the continued growth and adoption of not just blockchain gaming, but crypto in general as well.