- Chainalysis helps identify criminal behavior in crypto
- This is the first crypto company to make it to Forbes list
- The company’s product supports over 110 crypto businesses
The blockchain and cryptocurrency investigation firm Chainalysis has become the first blockchain company to make the prestigious Next Billion Dollar startup list. The company’s efforts are focused on identifying criminal behavior such as cryptocurrency theft and black-market drug purchases.
$8 Million in Revenue
According to a report by Forbes Magazine on July 16, 2019, Chainalysis reached an estimated $8 million in revenue in 2018 besides landing $53 million in venture funding from Accel and Benchmark, to make it to the latest Forbes’ Next Billion-Dollar Startups list. Chainalysis is the first cryptocurrency company to make the cut. Chainalysis co-founder Jonathan Levin, 29, who is also an honoree of Forbes 30 under 30 List for Europe stated:
“We’re now helping banks understand how they can build programs to allow cryptocurrency businesses to access banking services, but also make sure there’s no illicit activity going on.”
Provides Real-Time Monitoring
Forbes Magazine has for the past five years been searching the United States to identify the country’s 25 fast-growing ventured backups that are most likely to reach the $1 billion revenue mark. The other nominees for the Next Billion-Dollar Startups 2019 include food delivery service DoorDash, home seller Opendoor, luggage brand Away and synthetic biology company Ginkgo Bioworks among others.
Chainalysis is a leading provider of cryptocurrency compliance and investigation solutions that runs a real-time transaction monitoring for ten cryptocurrencies. The firm provides real-time monitoring via Chainalysis KYT (Know Your Transaction), the anti-money laundering compliance solution used by over 110 cryptocurrency businesses and financial institutions in 36 countries.
Access to four of the most popular cryptocurrencies, including Binance Coin, Gemini Dollar, Tether, and USD Coin is available and over the past year, the company has also rolled out support for Ether, Bitcoin Cash, Litecoin, TrueUSD, and Paxos Standard, besides its original Bitcoin capabilities.
Uncovered $1.2 Billion in Bitcoin
Chainalysis KYT is designed to automate the assessment of money laundering risk so cryptocurrency businesses and financial institutions can meet regulatory requirements, and strong regulatory regimes require cryptocurrency businesses to get approval on offerings for any new cryptocurrencies.
Chainalysis located 650,000 missing bitcoin stolen from Mt Gox, then the largest cryptocurrency exchange in the world. The firm’s sleuthing uncovered $1.2 billion in bitcoin (or $6.5 billion in current prices) investigators thought was lost for good. Confirming the announcement, the firms said on twitter:
— Chainalysis (@chainalysis) July 16, 2019