Chainalysis a New York-based intelligence firm has raised around $30 million in a recent fundraising round led by Accel while other already partnered investors took part in it.
Accel is a venture capital firm that partners with people with unique ideas to help them build a company among other services.
The funds raised will be utilized to increase the array of services that Chainalysis provides including the development of a proprietary Know Your Customer (KYC) product that allows businesses to verify their customers.
Furthermore, Chainalysis reported that the firm wants to establish an office in London. The office will focus on development and research and that Philippe Botteri will be joining the company’s board of directors.
Speaking to the media, company’s CEO Michael Gronager disclosed that the bulk of the firm’s earnings used to come from the law enforcement sector, 90% of the total, but now the pivot has shifted upon corporate clients that now contribute to almost 60% of the total earnings.
He also added that the firm was gaining a lot from the stable coin sector. He stated that the stable coins are much less risky than crypto tokens and their ability to be traded against USD is very useful.
He then told that the firm’s revenue had expanded three times but did not disclose specific numbers. The firm is also researching to improve the security in the blockchain sector as various blockchain based hacking attacks have resulted in a loss of more than $1 billion in cryptocurrencies.
On another note, the company’s COO refused to comment when asked whether the firm had contributed to the Department of Justice for the investigation on whether Bitcoin was used to interfere with 2016 presidential elections.