Chainalysis Secures $30 million in Series B financing

By Luke Flowers – Cryptocurrency Enthusiast

Chainalysis, the company that builds trust in blockchain between people, businesses and governments, have announced successfully raising a further $30 million in a Series B financing round. This funding is to finance cryptocurrency product development and expand to open offices in London to establish a central hub for its research and development.

Chainalysis has previously released and implemented its real-time anti-money laundering and compliance software for cryptocurrency to assist both law enforcement and financial institutions identify and stop illicit activity from malicious users. The software will conduct in-depth investigations into the source and provenance of cryptocurrency transactions. A platform such as ours where users can sell cryptocurrency, could use the software to trace where it came from.

The firm provide comprehensive Know Your Transaction (KYT) software to help businesses meet regulatory requirements. Though there are currently less requirements to meet regulation when selling Bitcoin, risk still needs to be assessed and managed to reduce its impact. Chainalysis offer real-time transaction screening through an API to continuously monitor large volumes of activity to identify high risk transactions

Due to the nature of cryptocurrencies, it can be very difficult to track an individual user’s transactions, but all the data is available in the blockchain. The firm began by analysing Bitcoin transactions and has broadened its coverage to the Ethereum, Litecoin, Bitcoin Cash and some Stablecoin blockchains. This provides exchanges and brokerages with an insight to the previous transactions on these blockchains when a user would like to sell Ether, Litecoin, Bitcoin Cash or the Stablecoins available.

Even the largest platform to buy and sell crypto by trading volumes is using Chainalysis’ software to automate some of the process for screening transactions and analysing user activity.

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