Building the compliance layer for the future of value exchange
On Tuesday, Chainalysis announced it has raised a $30 million Series B round led by Accel that will help it expand its operations, including its “Know Your Transaction” product that currently helps more than 100 financial institutions and cryptocurrency exchanges vet their customers.
"On Thursday, Chainalysis said it had raised $16 million from Benchmark in a move the firm says will help it ramp up its sales efforts and expand the number of cryptocurrencies it tracks. The Series A funding round will also see Benchmark’s Sarah Tavel, a Pinterest veteran and longtime crypto authority, join the Chainalysis board."
It's an open secret that companies working with bitcoin funds have long faced challenges gaining access to banking services. Though few are forthcoming about this business reality, the difficulties have affected startups around the globe – from the US to India and Argentina – resulting in business interruptions and attempts by industry firms to solve the problem through innovation. A new partnership between compliance startup Chainalysis and UK financial services giant Barclays, however, could hold the keys to reversing this trend.