A crypto analytical company Chainalysis reportedly attracted some $30 million during Series B funding. The received funds are said to be spent on setting up a new office in London.
According to the company press release, the investment round was led by venture capital firm Accel. The company managed to get about $46 million in investments after two funding rounds. The previous one was held last April with Benchmark being the major investor. One of Accel's representatives will reportedly join the executive board at Chainalysis.
These investments are likely to be spent on further business. In particular, it is planned to launch a new office in London. There are 75 people working at Chainalysis in offices in New York, Washington and Copenhagen now. Apart from intentions to open an office in London, the company is going to start cooperating with local universities in research projects.
Chainalysis CEO Michael Gronager believes that investors appear to remain interested in new opportunities to develop the crypto ecosystem even despite slack market environment now.
Pursuant to Gronager, medium and large banks are showing increasing interest in working with crypto companies, including stock exchanges. For example, Chainalysis entered into an agreement with British Barclays in 2015.
The AML real-time tool called Know Your Transaction (KYT) was rolled out last year. The solution supports bitcoin, Ethereum and Litecoin, with stablecoins to be added the next.
"We know it’s critical for our customers that we cover the most widely used cryptocurrencies...Now we’re prioritizing the cryptocurrencies that have significant market share or are particularly meaningful to our customers," the company’s official press release reads.
The tool is going to be used to improve stablecoins regulation so that they can be used both to conduct transactions between stock exchanges and transfer funds around the globe.