Chainalysis has obtained $100 million in a Paradigm-led Series D financing, bringing the blockchain analysis company’s valuation to more than $2 billion. Previous investors Ribbit and Addition upped their investment in the firm and TIME Ventures, the investment fund for Marc Benioff, took part as well, according to a Friday (March 26) announcement emailed to PYMNTS.
“At Chainalysis we believe that eventually every company will use the blockchain to conduct their business,” Chainalysis Co-Founder and CEO Michael Gronager said in the announcement. “We’ve collected more information about what happens on blockchains than anyone in the cryptocurrency industry. That information enables our customers to make better data-driven decisions. Our partners at Paradigm share our vision and understand that the data Chainalysis provides will enable accelerated adoption of cryptocurrency.”
The unique digital currency data of Chainalysis fuels the company’s investigations and compliance software that lets firms and governments throughout the globe find and prevent digital currency crime and money laundering, according to the announcement.
Paradigm Co-Founder Fred Ehrsam said in the announcement that “Chainalysis provides key data infrastructure and software for the cryptocurrency ecosystem, and as cryptocurrency adoption grows, so will demand for Chainalysis offerings.”
The company says it “plans to hire hundreds of new positions across all functions in 2021 to continue its global expansion,” according to the announcement.
Chainalysis’s Series D financing follows a $100 million Series C round last November.
The news comes as financial services company BlockFi notched $350 million in a Series D funding round, valuing the company at $3 billion. The round was headed up by Tiger Global, Pomp Investments, Bain Capital Ventures and partners from DST Global and encompassed nearly 20 additional backers.
“We are in the early innings of retail and institutional crypto adoption; as demand grows, we see an enormous opportunity for crypto companies to offer a suite of sophisticated, scalable financial services to engage and empower clients,” Stefan Cohen, partner at Bain Capital Ventures, said in a previous press release.
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