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Chainalysis Raises $30 Million From Accel in Funding Round

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Chainalysis has raised $30 million in a Series B funding round bannered by venture capital giant Accel, the company relayed in a post on February 12.

The most recent funding will be used to bolster Chainalysis’ corporate operations, which include a proprietary Know Your Customer (KYC) innovation that lets financial companies and digital asset trading platforms to vet and authenticate the identity of their clients.

The firm reports that the latest funding round was being led by Accel, “with participation from existing investors.”

The firm also reports that it also plans to launch an office focused on research and development in London, with Accel partner Philippe Botteri being tapped to join the firm’s board of directors.

In an interview with Fortune, the company’s CEO Michael Gronager said that whereas 90 percent of the firm’s revenue formerly came from clients in the law enforcement sector — who used Chainalysis’ blockchain analytics tools to monitor the illicit use of cryptocurrencies — corporate clients now make up a huge share of the business, at 60 percent.

Apart from expanding research and products, Gronager also relayed to Fortune that his company was advancing from the momentum of the burgeoning stablecoin sector.

Chainalysis’ CEO said:

“Born out of the ashes of [the crypto bear market and Initial Coin Offering downturn] was the stablecoin as another way to easily and safely create tokens. This ability to trade U.S. dollars against crypto is very powerful.”

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