Quick take:
- Chainalysis has announced the successful completion of $170M in a Series F round.
- The fundraising was led by the Singapore-based wealth fund, GIC Private Market Ltd.
- The capital raise valued the crypto fraud detection firm at about $8.6 billion.
Chainalysis has completed a $170 million Series F funding round led by Singapore-based wealth fund GIC Private Market Ltd. The crypto fraud detection firm said it will use the funds to expand its fraud detection platform amid the rapid influx of mainstream financial institutions in the crypto space, coupled with the explosive growth of NFTs.
Chainalysis is a blockchain data provider specialising in crypto insights and analysis. The firm provides stakeholders with automated transaction monitoring, risk management and business intelligence analytics they can use to spot crypto fraud and money laundering. Some of its primary customers include crypto exchanges, enterprises and government agencies.
The cryptocurrency space has become one of the trendiest markets to explore over the last couple of years with mainstream companies, celebrities, governments and even non-governmental organisations trooping in to explore potential opportunities.
NFTs and the metaverse have played a key role in driving growth over the last 18 months, with the metaverse alone expected to be a $100 billion opportunity by the end of this year.
Chainalysis wants to scale globally while expanding its platform to include emerging products like non-fungible tokens.
Commenting on his company’s huge fundraising, Michael Gronager, co-founder and CEO of Chainalysis 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.”
The NFTs and gaming market lost more than $1 billion during the first quarter of 2022 due to fraud and security breaches. Although the market did not suffer performance-wise from the negative sentiment, retail investors seem to be growing more cautious, helping drive the market down based on trading activity over the last few weeks.
Chainalysis has created a platform that could help solve most of the problems. The company is offering its diversified clientele blockchain analytics so that enterprises can better understand how customers use cryptocurrency.
The goal is to help spot fraud in a high decentralised crypto ecosystem whilst also expanding customer experience.
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