Chainalysis, the leading provider of cryptocurrency compliance and investigation solutions, 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. Chainalysis will use the funding to support strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its research and development lab and regional expansion. Accel-rsquo;s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis-rsquo;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 (-ldquo;Know Your Transaction-rdquo;), 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-rsquo;s largest cryptocurrency exchange, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

-ldquo;While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,-rdquo; said Michael Gronager, CEO and Co-founder of Chainalysis. -ldquo;We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.-rdquo;

-ldquo;Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,-rdquo; said Botteri, partner at Accel and based in London. -ldquo;Chainalysis-rsquo;s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures. We look forward to supporting them across Europe, the U.S., and Asia,-rdquo; added Amit Kumar, partner at Accel and based in Palo Alto.

The latest round of funding comes on the heels of Chainalysis-rsquo;s annual report on crypto crime and launch of KYT for stablecoins-- pegged cryptocurrencies designed to decrease volatility and appeal to a broader audience of users-- that now have 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 named clients within stablecoins include Paxos and TrustToken.

-ldquo;Chainalysis has seen significant traction over the past year, and we believe there is a steep growth trajectory ahead," said Sarah Tavel, General Partner at Benchmark and member of Chainalysis-rsquo;s Board of Directors. -ldquo;We are doubling down on our conviction that the firm-rsquo;s technology will build trust in the ecosystem and encourage greater participation in cryptocurrency markets.-rdquo;

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