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Chainalysis Sees Raising $100M in Venture Capital at $1B Valuation: Report
Cryptocurrency investigation firm Chainalysis expects to raise $100 million in venture capital at a $1 billion valuation as early as next week, the company told Forbes.
Cryptocurrency investigation firm Chainalysis expects to raise $100 million venture capital at a $1 billion valuation as early as next week, the company told Forbes.
STORY CONTINUES BELOW
The Series C is being led by VC newcomer Addition with participation expected from Accel, Benchmark and Ribbit, Forbes reported. Those three firms have all invested in earlier Chainalysis rounds.
Once closed, the raise will vault Chainalysis, a blockchain analysis firm that builds crypto tracing tools for governments and exchanges, into cryptocurrency unicorn status. Only a handful of crypto firms have notched $1 billion plus valuation. None have done it from the crypto tracing niche before.
But the tracing industry is by all accounts booming. Governments, banks, exchanges, regulators and investigators are clamoring for tools that help them trace bitcoin. The U.S. government in particular pays millions to Chainalysis every year.
Chainalysis has also reported a surge in new business of late. The firm increased its customer base 65% from Q3 2019 to Q3 2020. Recurring revenue also doubled in that period.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
