• Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $US30 million in its Series B round led by prominent VC firm Accel.
• The New York-based upstart serves clients like Barclays, Binance, and IRS and assist them in identifying bad actors and fighting crimes like money laundering and online fraud.

While crypto has been through a prolonged slump in the last several months, a blockchain analysis firm that helps big banks fight financial crimes is raising fresh funds in a sign that the market isn’t dead yet.

Chainalysis, which offers software that tracks cryptocurrency transactions, said on Tuesday it had raised $US30 million in its Series B round led by venture firm Accel. In addition, Accel’s partners Philippe Botteri and Amit Kumar are also joining Chainalysis’ board.

Jonathan Levin, cofounder and COO of Chainalysis, said that the new directors will help the company’s research and development plans and expand its European presence.

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“Amit Kumar, who is based in San Francisco, is an engineer by trade, and he is going to help us scale up all the R&D efforts,” Levin said in an interview. “He is going to help us think strategically about what we need to do long-term for that R&D roadmap. Philippe Botteri has an investing and finance background, and he is going to help us build out our European presence and ensure the operational excellence that we need to scale the company to the next level.”

Founded in 2014, Chainalysis started with tracking Bitcoin transactions and identifying the owners of digital wallets, and it subsequently expanded into tracking other digital currencies including Ether, Litecoin, and Bitcoin Cash as well as stablecoins like Paxos.

The New York-based blockchain-analysis firm is best known for its investigation into the infamous Mt. Gox hack. The firm has also worked with the IRS to fight tax evasion and money laundering, according to Levin. Right now, it offers compliance and investigation tools for financial institutions, regulators, crypto exchanges, and crypto custodians to identify bad actors and prevent crimes like money laundering and online fraud.

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Ove the last year, Chainalysis has added over 100 clients, including Barclays, and has grown its revenue by four times. Binance, the world’s largest crypto exchange by daily trading volume, has also signed up for Chainalysis know-your-transaction service, which allows the exchange to automatically monitor transactions and user activities in real-time.

Chainalysis had previously raised $US1.6 million seed funding round led by Point Nine Capital in 2016 and $US16 million in Series A funding from Benchmark last April.

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