Chainalysis, the cryptocurrency transaction analysis startup, has raised $30 million in a Series B funding round led by venture capital giant Accel. According to the company’s February 12 blog post, the funds will be used to expand Chainalysis’ corporate operations.
The company plans on expanding its coverage beyond Bitcoin to include Ether, Litecoin, Bitcoin Cash, and stablecoins to better analyze the funds involved in money laundering schemes. The company also plans on launching a proprietary Know Your Customer (KYC) product that allows financial institutions and digital asset trading platforms to vet and verify the identity of their clients.
According to Fortune, the new funding round will also see Chainalysis open a London office that will serve as a hub for R&D, and will see Philippe Botteri, a partner at Accel, join the company’s board of directors.
The company’s CEO, Michael Gronager, told the publication that Chainalysis’ revenue had grown threefold since April 2018, when it raised $16 million from Benchmark Capital to increase the number of cryptocurrencies it monitors. He added the firm isn’t currently profitable and focusing on growth instead.