The Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund, and US banking giant Bank of New York Mellon Corporation (BNY Mellon) are leading a new $175 million fundraising round for crypto data platform Chainalysis.
After the latest funding round, Chainalysis’ valuation is now $8.6 billion, making the platform the largest enterprise software as a service company in the crypto space, according to a new company announcement.
The data platform says it plans to invest the funds into product innovation and scaling its global operations, while also enhancing its data platform to support new and improved risk management and business intelligence tools. Other investors in the fundraising round include Accel, Blackstone, Dragoneer, FundersClub, and Emergence Capital.
Chainalysis says it has increased its customer count by 75% in the past year. The platform now has more than 750 customers in 70 countries, including more than 100 financial institutions.
The investment is not BNY Mellon’s first foray into the crypto space. Just this week, the New York-based bank participated in a major funding round for crypto trading infrastructure firm Talos.
And in 2021, BNY Mellon, one of the oldest banks in the world, invested in Fireblocks, a platform that allows banks, exchanges, fintech companies, and other financial institutions to store, move and issue crypto assets.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Yurchanka Siarhei/Mingirov Yuriy