Another Cryptocurrency Unicorn Emerges! Chainalysis Secures $100 Million in Silicon Valley Venture Capital, Valuing the Company at $1 Billion

Blockchain data analysis company Chainalysis, dedicated to assisting companies and government agencies in conducting data investigations in the blockchain field, raised $100 million in funding in its Series C round, valuing the company at $1 billion.

Cryptocurrency Unicorn

Forbes reported yesterday on the Series C funding and valuation details of the blockchain data analysis company Chainalysis. The funding round will be led by the U.S. venture capital firm Addition and supported by Silicon Valley's renowned startup investment firms such as Accel, Benchmark, and Ribbit. It is reported that Chainalysis raised $100 million at a valuation of $1 billion in this funding round.

Chainalysis is a leading company in the field of blockchain data analysis, assisting the U.S. government in uncovering illegal activities such as money laundering, drug trafficking, and arms smuggling facilitated through cryptocurrency transactions. Earlier this month, the company helped the U.S. Department of Justice seize illegal Bitcoins and other cryptocurrencies worth over $1 billion. Chainalysis currently serves 350 clients, including state governments and private enterprises like Square.

Although Chainalysis CEO and co-founder Michael Gronager declined to disclose the company's actual revenue (Forbes estimated its revenue to be around $8 million in 2018), he stated that the company's revenue grew by approximately 96% in the past year and is expected to double in the coming years of 2021 and 2022.

This investment further proves that companies in the cryptocurrency sector have the potential to earn more than just buying low and selling high. On the other hand, the rise of "cryptocurrency unicorns" in the market indicates higher valuations for related enterprises, signaling the increasing feasibility and mainstream acceptance of the blockchain and cryptocurrency market.