Blockchain analytics startup Chainalysis, announced a $170 million Series F funding round led by Singapore sovereign wealth fund GIC. That brings the startup’s cumulative funding to more than $520 million. The investment valued Chainalysis at $8.6 billion and included BNY Mellon and Emergence Capital as new investors alongside existing investors Accel, Blackstone, Dragoneer, and FundersClub, who upped their commitment.
In February, BNY Mellon was the first systemic bank to adopt the Chainlaysis offering, which helps with compliance by analyzing the parties involved in cryptocurrency transactions and identifying risky patterns, amongst other solutions. More than 100 financial institutions now use its offerings, although the crypto definition of institutions is broad. That said, other high profile clients include Robinhood and Australia’s Commonwealth Bank.
Chainalysis screens an average of $1 trillion in transactions monthly.
In the early stages, the startup signed up numerous government departments but says its private sector client base has doubled during the last year. Its customer count is up 75% to 750 customers.
More than 150 customers now contribute in excess of $100,000 in annual recurring revenues, which means they account for a minimum of $15 million in annual billings.
“Our investment in Chainalysis is a natural progression of an already meaningful and productive alliance,” said Roman Regelman, CEO of Securities Services & Digital for BNY Mellon. “BNY Mellon is a leader in financial market innovation, and collaborating with established firms in the digital asset ecosystem, like Chainalysis, is a key pillar in our strategy.”
BNY Mellon is ramping up its digital asset activity. It is now the lead custodian for the assets that underpin the Circle USDC stablecoin. There’s talk that it will become a payment onramp for the stablecoin. It also led the latest funding round of blockchain data firm Coin Metrics and invested in digital assets infrastructure firm Talos.