Chainalysis CEO Quiets The Crypto Crowd With Latest Tether (USDT) Blockchain Audit Feedback

Stablecoins are virtual currencies that have a value that does not fluctuate as much as other cryptocurrencies. One of the most popular ways to do it is …
Chainalysis-CEO-Quiets-the-Crypto-Crowd-with-Latest-Tether-USDT-Blockchain-Audit-Feedback

Chainalysis CEO Praises Tether’s Transparency And Raises $30 Million

The blockchain analysis startup Chainalysis raised $30 million during a Series B funding round. In a recent interview with Fortune, the CEO of the company, Michael Gronager, talked about the importance of stablecoins in the virtual currency industry.

Stablecoins are virtual currencies that have a value that does not fluctuate as much as other cryptocurrencies. One of the most popular ways to do it is by pegging it to a specific fiat currency such as the US dollar or Euro.

The most known and largest stablecoin in the market is Tether (USDT). However, this digital asset has been placed under scrutiny several times due to the way in which they handled their dollar reserves or how the coin was used to ‘manipulate’ Bitcoin’s price.

Back in April 2018, the company raised $16 million in a Series A funding round. The company was able to create software that is able to monitor Bitcoin transactions. At the same time, they have added support for other virtual currencies. However, there are some coins such as Monero (XMR) or ZCash (ZEC) that have enhanced privacy and cannot be tracked.

The product that they have created helps more than 100 financial institutions and cryptocurrency exchanges. WIth the funds gathered, they will be able to open a London office for Research and Development. Additionally, Philippe Botteri, a partner at Accel, will be joining the company’s board of directors. The intention is to also help clients vet transactions related to stablecoins.

Gronager explained that stablecoins became a source of momentum for the crypto industry. During the last year, virtual currencies have fallen from their all-time highs more than 80% or 90% in some cases.

Gronager commented about it:

“Born out of the ashes of this was the stablecoin as another way to easily and safely create tokens. This ability to trade U.S. dollars against crypto is very powerful.”

The CEO of Chainalysis said that they have confidence in the most popular stablecoin in the world. He mentioned that Tether has a “quite good” transparency and that there are no signs that could raise alarms about it.

According to the company, there is more than 4 million Bitcoin lost forever. That means that Bitcoin’s real supply is currently 17 million BTC around 20% less than is real potential supply.

There are many other stablecoins in the market, not only Tether. One of them is the USD Coin (USDC) that was launched by Circle with the intention to provide a new solution for traders and individuals that want to protect their investments against the volatility of virtual currencies.

Other stablecoins are Paxos Standard (PAX), TrueUSD (TUSD) or Gemini USD (GUSD).

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 13th)

Cryptocurrency compliance company Chainalysis secures $30M Series B

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, announced today it has secured a $30M Series B financing led by …

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, announced today it has secured a $30M Series B financing led by Accel. Benchmark also increased its investment in the company after leading its $16M Series A round last April. Chainalysis will use the funding to support strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its research and development lab and regional expansion. Accel’s investment was led by Amit Kumar and Philippe Botteri. Botteri will represent Accel on Chainalysis’s board of directors.

Over the past year, the company has launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (Know Your Transaction), and expanded its coverage beyond Bitcoin to include Ethereum, Litecoin, Bitcoin Cash, and stablecoins. Over 100 financial institutions and cryptocurrency exchanges, including Binance, the world’s largest cryptocurrency exchange, have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,” said Michael Gronager, CEO and Co-founder of Chainalysis. “We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.”

“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,” said Botteri, partner at Accel and based in London. “Chainalysis’s vision is to make cryptocurrency compliance a new standard for financial services as the ecosystem matures. We look forward to supporting them across Europe, the U.S., and Asia,” added Amit Kumar, partner at Accel and based in Palo Alto.

The latest round of funding comes on the heels of Chainalysis’s annual report on crypto crime and launch of KYT for stablecoins– pegged cryptocurrencies designed to decrease volatility and appeal to a broader audience of users– that now have a total market cap of over $3B. With this solution, firms launching stablecoins will be equipped to monitor every transaction throughout their lifecycle, from issuance to redemption. Initial named clients within stablecoins include Paxos and TrustToken.

“Chainalysis has seen significant traction over the past year, and we believe there is a steep growth trajectory ahead,” said Sarah Tavel, General Partner at Benchmark and member of Chainalysis’s Board of Directors. “We are doubling down on our conviction that the firm’s technology will build trust in the ecosystem and encourage greater participation in cryptocurrency markets.”

A blockchain company that works with banks like Barclays to fight financial crimes just raised $30 …

… and it subsequently expanded into tracking other digital currencies including Ether, Litecoin, and Bitcoin Cash as well as stablecoins like Paxos.

fintech (Close-Up Of Bitcoins On Table)Minchen Liang / EyeEm/Getty Images

  • Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $30 million in its Series B round led by prominent VC firm Accel.
  • The New York-based upstart serves clients like Barclays, Binance, and IRS and assist them in identifying bad actors and fighting crimes like money laundering and online fraud.

While crypto has been through a prolonged slump in the last several months, a blockchain analysis firm that helps big banks fight financial crimes is raising fresh funds in a sign that the market isn’t dead yet.

Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $30 million in its Series B round led by venture firm Accel. In addition, Accel’s partners Philippe Botteri and Amit Kumar are also joining Chainalysis’ board.

Jonathan Levin, cofounder and COO of Chainalysis, said that the new directors will help the company’s research and development plans and expand its European presence.

See also: The bitcoin market is in turmoil, but crypto lenders are thriving

“Amit Kumar, who is based in San Francisco, is an engineer by trade, and he is going to help us scale up all the R&D efforts,” Levin said in an interview. “He is going to help us think strategically about what we need to do long-term for that R&D roadmap. Philippe Botteri has an investing and finance background, and he is going to help us build out our European presence and ensure the operational excellence that we need to scale the company to the next level.”

Founded in 2014, Chainalysis started with tracking Bitcoin transactions and identifying the owners of digital wallets, and it subsequently expanded into tracking other digital currencies including Ether, Litecoin, and Bitcoin Cash as well as stablecoins like Paxos.

The New York-based blockchain-analysis firm is best known for its investigation into the infamous Mt. Gox hack. The firm has also worked with the IRS to fight tax evasion and money laundering, according to Levin. Right now, it offers compliance and investigation tools for financial institutions, regulators, crypto exchanges, and crypto custodians to identify bad actors and prevent crimes like money laundering and online fraud.

See also:It’s a fintech frenzy — top venture pros spill why the $11 billion party won’t end anytime soon

Ove the last year, Chainalysis has added over 100 clients, including Barclays, and has grown its revenue by four times. Binance, the world’s largest crypto exchange by daily trading volume, has also signed up for Chainalysis know-your-transaction service, which allows the exchange to automatically monitor transactions and user activities in real-time.

Chainalysis had previously raised $1.6 million seed funding round led by Point Nine Capital in 2016 and $16 million in Series A funding from Benchmark last April.

Read more:

Join the conversation about this story »

See Also:

Related Posts:

  • No Related Posts

Chainalysis Attracts $30M in Series B led by Accel

Analytical blockchain-focused startup Chainalysis has attracted $30 million in Series B led by Accel Partners, according to the official announcement.

Analytical blockchain-focused startup Chainalysis has attracted $30 million in Series B led by Accel Partners, according to the official announcement.

In April 2018, in Series A, the company succeeded to raise $16 million.

As it states, Chainalysis now supports approximately 85% of the top-20 coins by trading volume, created its own real-time anti-money laundering system for cryptocurrency transactions and successfully tracked “billions of dollars of stolen funds.”

Previously, Chainalysis carried out a study, which suggests that two groups alone have been responsible for more than half of all hack attacks to cryptocurrency exchanges until today: they have been behind at least 60 percent of all reported crypto exchange hacks.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Related Posts:

  • No Related Posts

Cryptocurrency compliance solutions firm Chainalysis celebrates $30M Series B

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, has secured a $30 million Series B financing led by Accel.

Chainalysis, a provider of cryptocurrency compliance and investigation solutions, has secured a $30 million Series B financing led by Accel. Benchmark also increased its investment in the company after leading its $16 million Series A round last April. Accel’s investment was led by Amit Kumar and Philippe Botteri. Mr. Botteri will represent Accel on Chainalysis’s board of directors.

The company will use the funding to support strategic product development of new cryptocurrency usage and open an office in London that will act as a hub for its research and development lab and regional expansion.

Over the past year, Chainalysis has launched and deployed its real-time anti-money laundering and compliance software for cryptocurrencies, Chainalysis KYT (Know Your Transaction), and expanded its coverage beyond Bitcoin to include Ethereum, Litecoin, Bitcoin Cash, and stablecoins. More than 100 financial institutions and cryptocurrency exchanges, including Binance have signed up for Chainalysis KYT to automate the process of screening transactions and monitoring user activity.

“While other companies in our industry are pulling back, Chainalysis is investing in building foundational technology for the future of cryptocurrency,” said Michael Gronager, CEO and co-founder of Chainalysis. “We are focused on empowering new cryptocurrency use cases like stablecoins and supporting businesses and governments globally as cryptocurrency regulation becomes more defined.”

“Thanks to its deep crypto expertise and unique technology, Chainalysis has quickly become the industry benchmark for blockchain analysis and compliance technology,” Mr. Botteri added. “

The latest round of funding comes on the heels of Chainalysis’s annual report on crypto crime and launch of KYT for stablecoins– pegged cryptocurrencies designed to decrease volatility and appeal to a broader audience of users– that now have a total market cap north of $3 billion. With this solution, firms launching stablecoins will be equipped to monitor every transaction throughout their lifecycle, from issuance to redemption. Initial named clients within stablecoins include Paxos and TrustToken.

“Chainalysis has seen significant traction over the past year, and we believe there is a steep growth trajectory ahead,” said Sarah Tavel, general partner at Benchmark and Chainalysis board member. “We are doubling down on our conviction that the firm’s technology will build trust in the ecosystem and encourage greater participation in cryptocurrency markets.”

Like this article? Take a second to support us on Patreon!

Related Posts:

  • No Related Posts