Chainalysis Doubles Q3 Revenues, Grows Team with New Hires

The New York-based compliance startup also said it had grown the number of its customers by 65 percent YoY.

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Blockchain intelligence platform Chainalysis said it has grown the number of its customers by 65 percent over a yearly basis thanks to higher demand on its investigative technology from public sector agencies.

The New York-based crypto compliance startup also stated that it had doubled its quarterly revenues during the July-September period.

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Chainalysis has recently onboarded the Wyoming’s Division of Banking, the banking regulator responsible for the chartering and supervision of state banks, to help the regulator combat money laundering, sanctions violations, and other criminal activities that use digital assets.

Additionally, the state regulator will employ Chainalysis tools to help federal and state law enforcement agencies conduct regular transaction testing and monitoring. Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.

Elsewhere, Chainalysis has appointed two new executives to its management team, the firm announced Tuesday. Rakib Azad, who recently led a successful IPO for MongoDB, will join the firm as as VP Finance after spending many years at consumer products, retail, and software companies.

The cryptocurrency crimefighter has also hired Betsy Bevilacqua as the firm’s Vice President of Information Security. Bevilacqua is a veteran of the cyber-security industry, having served in information security and leadership roles at both startups and Fortune 500 companies, including eBay and Facebook.

Chainalysis grows its team in Washington

“Chainalysis builds trust and brings legitimacy to the future of finance. When law enforcement and regulators become comfortable with digital assets, exchanges are able to grow and financial institutions can enter the ecosystem to safely and responsibly capitalize on this growing asset class. I’m excited about the top talent we are bringing on to prepare the company for the next wave of cryptocurrency adoption,” said Michael Gronager, Co-Founder and CEO, Chainalysis.

The crypto tracer is also growing its team in Washington, having onboarded Amanda Wick as Chief of Legal Affairs, Erin Plante as Director of Technical Solutions, and Don Spies as Director of Market Development.

The solid financial results and new hires come weeks after Chainalysis raised an additional $13 million to expand the company’s Series B round to $49 million. Behind the latest cash injection were Ribbit Capital and Sound Ventures.