Crypto investigation firm Chainalysis expects to boost $100 Mln venture capital at a $1 Bln valuation as early as next week, the firm told Forbes.
The Series C is being led by VC newcomer Addition with participation expected from Accel, Benchmark & Ribbit, Forbes added. Those three firms have all invested in earlier Chainalysis rounds.
Once closed, the raise will vault [Chainalysis], a blockchain analysis firm that builds cryptocurrency tracing tools for governments and exchanges, into cryptocurrency unicorn status. Only a couple of cryptocurrency firms have notched $1 Bln as well as valuation. None have done it from the cryptocurrency tracing niche before.
But the tracing industry is by all accounts booming. Governments, banks, exchanges, regulators, and investigators are clamoring for tools that help them tracing bitcoin [BTC, +2.26%]. The United States government especially pays millions to Chainalysis per annum.
Chainalysis has also added a surge in new business lately. The firm hiked its customer user base 65% from Q3 2019 to Q3 2020. Recurring revenue also doubled therein period.