Chainalysis announced that it has successfully completed a new Series F investment round of USD 170 million led by GIC, Singapore’s sovereign wealth fund, bringing its valuation to USD 8.6 billion.
According to the company, similarly, previous investors – Accel, Blackstone, Dragoneer and FundersClub – increased their contribution, along with Bank of New York Mellon and Emergence Capital.
As a result, Chainalysis has become the largest Software as a Service (SaaS) company in the digital asset industry.
As the company said, the funds will be used to continue investing in product innovation and expanding its global operations, meeting growing customer demand.
Chainalysis becomes the largest SaaS company in the crypto market
Since Chainalysis increased its Series E funding in June 2021, the cryptocurrency industry has evolved and expanded.
During this period, the company established partnerships with new types of clients, including NFT platforms such as Dapper Labs, fintech companies such as Robinhood and traditional financial institutions such as Bank of New York Mellon, Cross River Bank and Commonwealth Bank (CBA). ), in Australia.
Last year, Chainalysis hired over 450 people and now has over 700 employees.
“In the past year, the cryptocurrency industry has become mainstream with financial institutions entering the space and new technologies such as NFTs disrupting traditional markets,” said Michael Gronager, co-founder and CEO of Chainalysis.
Recently, a study carried out by Chainalysis pointed out that in 2022 alone, over $30 billion in cryptocurrencies have been sent to NFT-related smart contracts.
The study points out that the number of active NFT collections has grown almost every week since March 2021 and is currently above 4,000. The vast majority of NFT transactions are retail, meaning less than $10,000 worth of cryptocurrency in each transaction.
Meanwhile, institutional transfers accounted for 33% of all activity since the week of October 31, 2021, when it increased to 73%, due to the purchase of multiple NFTs from the Mutant Ape Yacht Club collection.
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