Chainalysis raises $36m in Series B Funding, Eyes APAC Expansion

BFSI News

Chainalysis-raises-36m-in-Series-B-Funding-Eyes-APAC-Expansion Chainalysis raises $36m in Series B Funding, Eyes APAC ExpansionChainalysis, a New York, NY-based cryptocurrency investigation and compliance solutions provider, as per recent reports, has raised $36 million in a Series B Funding round with a strategic investment from Sozo Ventures, a Japanese Venture Capital & Private Equity firm; and MUFG Innovation Partners, a wholly-owned corporate venture capital subsidiary of MUFG (Mitsubishi UFJ Financial Group), the Japan’s largest financial institution.

Also, earlier this year, in Feb. 2019, Chainalysis raised $6 million in addition to the recent $30 million already raised, from Accel and Benchmark. With all these recent investment funding the NY-based Chainalysis plans on expanding its operations further into the Asia Pacific (APAC) region.

Reports are that Chainalysis has doubled its APAC clients, in the past one year, and has increased its contracted revenue by over 16 times. The company, planning on making its presence known in the region, is all geared up to open a branch office in the region and leverage the deeper market insights Sozo and MUFG have to offer.

Speaking on this context, Michael Gronager, Chainalysis CEO, states, “Our business was founded on the belief that in order for the industry to grow, all its stakeholders – governments, financial institutions, and cryptocurrency businesses – must be united in establishing ground truth for the industry.”

Continuing, he adds, “This strategic investment will strengthen our relationships with financial institutions in Asia in particular, and spearhead both our growth and the industry’s advancement in an important region.”

Also mentioning his rejoice, MUFG Innovation Partners’ president and CEO, Nobutake Suzuki, states that this expansion announcement signals a joint commitment to growing and nurturing a solid cryptocurrency industry in Japan and the Asia Pacific.