The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
Chainalysis, one of the top crypto and blockchain intelligence firms, has raised $170 million in a Series F funding round. A report unveiled this news earlier today, citing a person familiar with the matter. This funding round doubled Chainalysis’ valuation to $8.6 billion.
According to the report, GIC, a Singapore-based sovereign wealth fund, led this funding round. The source did not mention other investors in the new funding round. However, it is worth noting that GIC has previously invested in Chainalysis. The source also failed to reveal the firm’s plans regarding spending the money.
This funding round comes after Chainalysis completed two funding rounds last year. The Series D funding round came in March, and the company secured $100, bringing its valuation to $2 billion. Chainalysis then raised another $100 in a Series E funding round. These funds helped raise the company’s valuation to $4.2 billion.
Thus far, the blockchain forensics company has raised $536.6 million, according to data from Crunchbase.
Chainalysis continues tackling emerging needs in the crypto space
Earlier this year, Chainalysis rolled out two new sanction screening tools. Specifically, the crypto sleuthing firm rolled out an on-chain oracle and a public API. Through these tools, the firm sought to simplify screening crypto wallets for sanction compliance.
At the time, the firm said,
As countries around the world continue to leverage economic sanctions in response to Russia’s invasion of Ukraine, decentralized Web3 groups like DEXs, DeFi platforms, DAOs, and dApp developers are searching for lightweight tools to help them and their customers comply with sanctions policies.
Chainalysis added that these tools would help users verify they are not interacting with crypto wallets belonging to sanctioned entities. To help the nascent industry prove that blockchain technology is transparent and that crypto can prevent sanction evasion, Chainalysis offered crypto market participants these tools at no cost.