Chainalysis Doubles Revenue Thanks to Growth of Blockchain-focused Investigations
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14 October
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Chainalysis, a blockchain-focused investigation firm, has doubled its revenue in the third quarter of 2020, the company announced in an official press release.

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With the growth of revenue, Chainalysis also expanded its number of customers by 65%. The company claims the surge is mainly triggered by the increased demand for investigative blockchain technology from public sector agencies.

Chainalysis Co-Founder and CEO, Michael Gronager, says cryptocurrency trading platforms are able to grow safely and responsibly capitalize on this growing asset class"when law enforcement and regulators become comfortable with digital assets."

"I am excited about the top talent we are bringing on to prepare the company for the next wave of cryptocurrency adoption," Gronager said.

Over the past several months, Chainalysis became one of the most popular investigative platforms not only amid blockchain-related companies, but also government departments. Earlier in October, the US Internal Revenue Service (IRS) selected Chainalysis and Integra FEC to develop tools to track transactions with the privacy-focused crypto monero (XMR).

The IRS said it would pay up to $625,000 to any company that can offer it a solution to decipher XMR transactions.

Chainalysis Identifies 900,000 Illegal Bitcoins

In September, Ethereum Classic (ETC) Labs, the developer and maintainer of the Ethereum Classic (ETC) blockchain network, announced partnership with Chainalysis to offer an automated transaction monitoring solution called KYT (Know Your Transaction).

Back then ETC Labs said that Chainalysis will also offer the ETC Labs startups grantees access to Chainalysis subject-matter experts on compliance and regulation.

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