With the additional investment, Chainalysis said it aims to expand its Asia-Pacific business and open a new office to assist that effort.
The startup said it has already significantly grown its business in the region, claiming to have more than doubled client numbers and increased contracted revenue by “more than 16x” last year.
“Chainalysis plans to build on this momentum with a physical presence and deeper engagements with entities including Sozo and MUFG, who will provide critical market insights,” the firm said.
In April 2018, Chainalysis raised $16 million in Series A investment from Benchmark Capital, and launched a cryptocurrency compliance tool, called Chainalysis KYT (for “know your transaction”), which it says provides transaction analysis in real time.
MUFG Innovation Partners CEO and president, Nobutake Suzuki, said in yesterday’s announcement:
“Chainalysis’s compliance technology is important to providing the insight and anti-money laundering controls banks need in order to establish next generation compliance frameworks.”
Last week, the startup published a public comment letter in response to a draft recommendation by the Financial Action Task Force (FATF), saying that it is unrealistic and harmful for the crypto industry to expect exchanges to send know-your-customer (KYC) information to recipient platforms with every transaction.
MUFG image via Shutterstock
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