Series C pushes Chainalysis into unicorn status
Blockchain intelligence firm Chainalysis has joined the unicorn club after raising $100m in a Series C.
Addition Capital led the funding round, alongside previous investors Accel, Benchmark, and Ribbit Capital, who increased their investments to bring the fintech’s valuation above $1bn.
Founded in 2014, Chainalysis provides greater transparency and regulatory insight and oversight on cryptocurrency markets and emerging decentralised finance (DeFi) protocols. Its data solutions and software platforms serve government bodies, financial institutions and other private sector enterprises around the world.
“Government agencies and the private sector need the right data, tools, and insights to responsibly oversee and participate in the cryptocurrency economy,” said Michael Gronager, cofounder and CEO of Chainalysis.
“We have established a network of government agencies in over 30 countries and more than 250 of the most important businesses around the world who are making it safer and easier for consumers and businesses to transact, fundamentally changing the way money works.
The fresh capital will be channelled into expanding that global presence, a continuation of plans borne out of Chainalysis’ previous $49m funding round, which closed in July. Since then its team has grown by around a third, with the addition of 50 new specialists - a talent acquisition drive it intends to continue across the US, UK and Denmark. The fintech also recently opened two new hubs in Singapore and Tokyo, from which it will will support a focused effort to reach the many sophisticated cryptocurrency users across the APAC territory.
Bitcoin goes bull
Chainalysis’ valuation follows a landmark month for Bitcoin, the highest profile and most widely traded digital currency. The cryptocurrency has followed a steady upward trajectory since before the US election and now regularly fluctuates at between $18,500 and $18,750. Buoyed by renewed interest from institutional and first-time investors. Bitcoin is closing rapidly in on its former high of $19,783, the price it hit back in 2017 before a major slump.
Analysts believe the price will continue to rise. In a study of 700 high net worth investors, DeVere found three quarters intend to buy into the cryptocurrency market by 2022, Bitcoin being the most likely entry point, alongside other mainstream alt coins such as Ethereum and Ripple XRP
Singapore FinTech Association launches new networking club
The Singapore FinTech Association (SFA) has announced the launch of a new SG FinTech Club, which will act as hub that enhances networking among local fintech companies based in Singapore.
The APAC nation, which is a leading regional centre for fintechs, accounting for 13% of Singapore’s GDP in 2020. More than 1,400 fintech companies are based there, employing an estimated 10,000 people.
Technology is a driving factor within the space, and the SG FinTech Club will act as a base through which knowledge, resources and connections can be shared, as a way to increase the level of expertise in the space.
According to reports, the SFA will also develop and curate the engagement programmes for the fintech ecosystem. SG FinTech Club members will benefit from hospitality privileges offered by Supporting Partners , such as co-working spaces, which they can leverage on for social engagements.
The club’s existing membership platform will also enable users to sign up for talent matchmaking sessions, industry expert mentorship programmes, and masterclasses organised by SFA.
SG Fintech Club partnerships
The initiative has attracted the attention of several global fintech leaders, including the Institute of Banking and Finance (IBF). J.P. Morgan has also joined the club as Supporting Partner and Corporate Partner, respectively, to develop skills and career development events.
Speaking about the launch of the new club, Shadab Taiyabi, President of SFA, explained, “We are proud to collaborate with MAS on the launch of SG FinTech Club, and play our part in contributing to Singapore’s thriving FinTech ecosystem.
“We hope that the Club would be the key platform for inspiration and innovation, where professionals in the financial services sector can come to exchange opinions, network, and explore endless ideas with other like-minded individuals.
He continued, “Through the Club, we strive to champion and bolster Singapore’s FinTech entrepreneurship growth, facilitate the sharing of insights, collaborations, discussions and advocate the importance of upskilling amongst professionals across the financial services industry.”
Image credit: Singapore FinTech Association event