Blockchain startup Chainalysis raises $16M

posted 21 days ago
Blockchain startup Chainalysis has announced a new real-time cryptocurrency compliance tool and a $16M Series A investment from Benchmark Capital.

Chainalysis provides cryptocurrency exchanges, international law enforcement agencies such as the FBI, and other clients with Bitcoin transaction analysis software to help them comply with regulations, assess risk and identify illicit activity. Notably, the company helped investigate the Mt. Gox bankruptcy case.

"What we decided when we founded Chainalysis was that we need to solve how we can make the new world of finance work together with the old world of finance. Basically, how can we bridge the gap between banks and Bitcoin?" said co-founder Michael Gronager, previously the chief operating officer of Kraken.

More specifically, co-founder Jonathan Levin explained, that the firm builds a data set that links "real-world activity to cryptocurrency transactions so that we can uncover the underlying real-world purpose of the transaction" and he went on to say "We've got triple the number of customers in that segment than we had last year, and that growth is actually just accelerating."
Tags: bitcoin, blockchain, news