Cryptocurrency compliance company Chainalysis secures $30M Series B

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, announced today it has secured a $30M Series B financing led by Accel. Benchmark also increased its investment in the company after leading its $16M Series A round last April.

The Chainalysis team will use the funding to support product development of new cryptocurrency usage and open an office in London that will act as a hub for its R&D lab and regional expansion.

Accel’s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis’s board of directors.

Over the past year, the company has launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (Know Your Transaction), and expanded its coverage beyond Bitcoin to include Ethereum, Litecoin, Bitcoin Cash, and stablecoins.

Over 100 financial institutions and cryptocurrency exchanges, including Binance, the world’s largest cryptocurrency exchange, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

The latest round of funding comes on the heels of Chainalysis’s annual report on crypto crime and the launch of KYT for stablecoins – pegged cryptocurrencies designed to decrease volatility and appeal to a broader audience of users – that now has a total market cap of over $3B.

With this solution, firms launching stablecoins will be equipped to monitor every transaction throughout their lifecycle, from issuance to redemption.

Initial clients within stablecoins will include Paxos and TrustToken.