Blockchain company Chainalysis raises $170M, valued at $8.6B

This is the sixth round of funding raised by the New York-based blockchain data startup since inception.
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Blockchain data analysis platform Chainalysis has raised $170 million from new investor Singapore sovereign fund GIC, as well as existing investors Blackstone, Bank of New York Mellon, Accel, and others.

This is its sixth round of funding, at a valuation of $8.6 billion.

Founded in 2014, Chainalysis has been in the news over the years for helping law enforcement agencies track, build cases against, and capture criminals that use cryptocurrencies to evade traditional financial regulations.

"There is a whole transformation happening where the world of finance's operating systems are moving to crypto. Our company will have a big opportunity in this market," Michael Gronager, Co-founder and CEO, Chainalysis, told Reuters.

Gronager went on to say that the company is still growing its customer base in Europe and Asia-Pacific, while they see South America as an untapped market where they have no presence.

According to Reuters, Choo Yong Cheen, Chief Investment Officer at GIC, said, "Chainalysis is in a unique position of running a SaaS (software as a service) business in the cryptocurrency space."

The company raised its last round of funding last year, taking on $100 million from investors such as Coatue, at a valuation of $4.2 billion.

Edited by Megha Reddy

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