Blockchain tracking and research firm Chainalysis has secured a series B fundraise of $30 million USD led by renowned venture capital firm Accel.
Accel will be adding Phillipe Botteri to the Chainalysis board as a director. Botteri previously led Accel’s investments into: Docusign, Peopledoc and QuBit. He also works with Fivrr and Crowdstrike on behalf of Accel.
In a recent Fortune magazine article, Chief Executive Officer and Co-Founder, Michael Gronager estimated that 60% of Chainalysis’, revenue is now coming from corporate clientele rather than law enforcement which formerly comprised almost 90%.
The new funding will be used for corporate expansion, including a new location in London and for development of proprietary KYC which will allow financial institutions and trading platforms to more thoroughly verify clients. The company plans to target stablecoins as part of its cryptocurrency verification suite which already includes: Bitcoin, Bitcoin Cash, Ethereum, Litecoin. Paxos and TrustToken will be the initial additions.
Gronager stated, “While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency…We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.“