Cryptocurrency investigation platform Chainalysis completed a Series E round of funding led by global investment management firm Coatue. The company raised $100 million at a $4.2 billion valuation.
In 2019, MUFG invested as part of a $36 million Chainalysis Series B round. The company completed a Series D round of funding this March, and a Series C in November of last year, both for $100 million, bringing the total investment to $365 million. Previous investors Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, and 9Yards Capital participated in this round. New investors include Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage, and SVB Capital.
Despite all the transparency and traceability associated with blockchain, cryptocurrency has been used as a tool for money laundering as well as ransomware. Research conducted by the Elliptic found that less than 1% of Bitcoin activity is illicit. However, as the industry grows and becomes more mainstream, that 1% becomes more significant. The demand for crypto compliance solutions is increasing amongst financial institutions and government agencies.
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