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Japan’s Greatest Financial institution Invests in Crypto Sleuthing Startup Chainalysis

Mitsubishi UFJ Monetary Group (MUFG), Japan’s largest financial institution, has backed an extra $6 million Collection B spherical for cryptocurrency sleuthing startup Chainalysis.

The funding got here through the financial institution’s enterprise capital unit, MUFG Innovation Companions, Chainalysis mentioned Tuesday. The spherical additionally noticed participation from Tokyo-based funding agency Sozo Ventures.

The extra funding means Chainalysis’ whole for its Collection B spherical now sits at $36 million. It raised $30 million again in February, in an preliminary spherical led by enterprise capital agency Accel Companions.

With the extra funding, Chainalysis mentioned it goals to develop its Asia-Pacific enterprise and open a brand new workplace to help that effort.

The startup mentioned it has already considerably grown its enterprise within the area, claiming to have greater than doubled consumer numbers and elevated contracted income by “greater than 16x” final yr.

“Chainalysis plans to construct on this momentum with a bodily presence and deeper engagements with entities together with Sozo and MUFG, who will present essential market insights,” the agency mentioned.

In April 2018, Chainalysis raised $16 million in Collection A funding from Benchmark Capital, and launched a cryptocurrency compliance device, known as Chainalysis KYT (for “know your transaction”), which it says gives transaction evaluation in actual time.

MUFG Innovation Companions CEO and president, Nobutake Suzuki, mentioned in yesterday’s announcement:

“Chainalysis’s compliance know-how is vital to offering the perception and anti-money laundering controls banks want with a view to set up subsequent technology compliance frameworks.”

Based in 2014, Chainalysis notably helped investigations within the Mt. Gox chapter case, within the try and find the collapsed change’s lacking bitcoin.

Final week, the startup revealed a public remark letter in response to a draft advice by the Monetary Motion Process Drive (FATF), saying that it’s unrealistic and dangerous for the crypto trade to anticipate exchanges to ship know-your-customer (KYC) data to recipient platforms with each transaction.

MUFG picture through Shutterstock

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