Start-up Chainalysis doubled its valuation to $2 billion after raising $100 million in its latest investment round, according to CNBC.
- The latest funding round was led by crypto-focused venture capital firm Paradigm, with additional backing from Salesforce CEO Marc Benioff through Time Ventures. Existing shareholders Addition and Ribbit also increased their holdings.
- “What we see right now is that the market is growing and that some often traditional players are embracing crypto in a way that we haven’t seen before,” said Chainalysis Chief Executive Officer and Co-Founder Michael Gronager.
- Annual recurring revenues of the company were more than doubled in 2020, but the exact sum was not disclosed. Its client base has also doubled, with the firm now having 233 employees.
- Chainalysis, along with rivals Ciphertrace and Elliptic, aims to legitimize the cryptocurrency market fraught with high-profile hacks and illicit activities. Chainalysis last year assisted in tracking down $1 billion worth of bitcoin linked to the darknet marketplace Silk Road.