Chainalysis targets APAC expansion with $36m Series B funding
Crypto compliance provider Chainalysis plans to expand further into Asia Pacific after closing a $36 million Series B round with a strategic investment from Sozo Ventures and MUFG, reports Jane Connolly.
The company, which provides cryptocurrency compliance and investigation solutions, raised $6 million in addition to $30 million already raised from Accel and Benchmark in February.
Japan’s largest financial institution, MUFG, invested via its wholly owned corporate venture capital subsidiary, MUFG Innovation Partners.
Chainalysis has doubled its clients in Asia Pacific (APAC) in the last year, increasing contracted revenue 16 times over. The company now plans to open an office there and benefit from the deeper market insights Sozo and MUFG can offer.
Michael Gronager, Chainalysis CEO, says: “Our business was founded on the belief that in order for the industry to grow, all its stakeholders – governments, financial institutions and cryptocurrency businesses – must be united in establishing ground truth for the industry.”
He adds: “This strategic investment will strengthen our relationships with financial institutions in Asia in particular, and spearhead both our growth and the industry’s advancement in an important region.”
MUFG Innovation Partners’ president and CEO, Nobutake Suzuki, states that the announcement signals a joint commitment to growing a solid cryptocurrency industry in Japan and Asia Pacific.