The new money will be used to open an office in London that will house a Chainalysis research and development laboratory and will also go toward new product launches and regional expansion.
“While other companies in our industry are pulling back ... we are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined,” CEO and co-founder Michael Gronager said, per a press release shared with Distributed.
Founded in 2014, Chainalysis provides cryptocurrency advice, compliance solutions and investigative tactics to law enforcement agencies, businesses and government officials around the world. The company focuses on battling illicit activity in the digital asset space while boosting transparency and trust in the blockchain.
In 2018, the company launched its patented anti-money laundering and compliance software for cryptocurrencies. Known as Chainalysis KYT (know your transaction), the software works in real time to examine bitcoin, bitcoin cash, ether and litecoin transactions and solidify their legitimacy. According to the company, approximately 100 separate cryptocurrency exchanges and businesses utilize the software to monitor their customers’ activities, including global cryptocurrency exchange Binance, blockchain product developer Paxos and stablecoin issuer TrustToken.