The Singapore sovereign wealth fund is investing in blockchain analysis company Chainalysis, which plans to strengthen its existing operations across the Singapore, Korea and Japan offices.
GIC joins Altimeter, Blackstone, Pictet, Sequoia Heritage, and SVB Capital in the $100 million Series E financing round led by Coatue, brining its value to $4.2 billion, according to an announcement on Thursday.
Founded in 2014, Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries, which is used for investigation, compliance, and market intelligence software.
Growing Company
The new funds will be used to cover more cryptocurrencies, launch a global intelligence function, and further develop its software, the announcement said.
Chainalysis also said it plans to expand its APAC footprint, and expects these investments to drive the business’ year-on-year revenue growth over 100 percent. The company opened its Singapore office, led by APAC managing director Ulisse Dell’Orto, in 2020.
More Adoption
«As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions,» Kris Fredrickson, managing partner at Coatue.
In 2021 alone, GIC has taken stakes in U.S. based digital asset bank Anchorage, as well as fintech firm BC Group, the parent company of regulated crypto exchange OSL.
