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Chainalysis raises $6M for crypto compliance solutions, Asian expansion

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Chainalysis, a provider of cryptocurrency compliance and investigation solutions, has raised an additional $6M from Japan’s MUFG Innovation Partners and Sozo Ventures, the global expansion venture capital firm based in Tokyo and Redwood City, California. With the investment, which follows a $30M raise from Accel and Benchmark in February, Chainalysis will expand its business in Asia Pacific and plans to open an office in the region.

In the past year, Chainanalysis more than doubled the number of clients it serves in APAC and increased its contracted revenue from clients there by more than 16 times. 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.

“Cryptocurrency technology is global and inclusive by design,” said Michael Gronager, CEO, Chainalysis. “Our business was founded on the belief that in order for the industry to grow, all its stakeholders – governments, financial institutions, and cryptocurrency businesses – must be united in establishing ground truth for the industry. This strategic investment will strengthen our relationships with financial institutions in Asia in particular, and spearhead both our growth and the industry’s advancement in an important region.”

“Chainalysis is building foundational technology for the future of cryptocurrency and providing data-driven insights to help the industry understand how these networks behave,” said Phil Wickham of Sozo Ventures. “Chainalysis has already established itself as the industry standard for investigations and compliance, and we look forward to leveraging our fintech and blockchain expertise to support Chainalysis to grow in the region.”

“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,” said Nobutake Suzuki, president ad CEO, MUFG Innovation Partners. “Today’s announcement signals our joint commitment to growing the cryptocurrency industry in Japan and Asia Pacific more soundly and broadly.”

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