Chainalysis, a blockchain analytics business, revealed Thursday that it has secured $170 million in a Series F fundraising round at a $8.6 billion value.

This indicates that the company’s valuation has more than quadrupled since its previous series E funding in June 2021. Chainalysis was valued $4.2 billion at the time. According to Crunchbase, the fresh financing increases the company’s overall fundraising to $536.6 million since its inception in 2014.

According to the statement, the most recent fundraising was sponsored by Singapore’s government wealth fund, GIC, and included previous partners such as Accel, Blackstone, Dragoneer, and FundersClub. Bank of New York Mellon and Emergence Capital were also present.

The firm stated that it will utilize the new money to support product innovation and strengthen its worldwide operations in order to meet the demands of its clients.

Chainalysis is a crypto analytics company that provides tools that assist crypto businesses, government agencies, regulators, and financial institutions in over 70 countries in identifying high-risk wallet addresses in order to avoid and combat fraud.

Chainalysis has quadrupled its private sector client base, tripled its financial services customer base, and now has over 100 financial institutions as customers, according to the company.

The analytics platform announced a new group of financial partners, including Bank of New York Mellon, Cross River Bank, and the Australian Commonwealth Bank (CBA).

Meanwhile, Chainalysis has played an important role in the crypto field since its inception eight years ago, incorporating its sophisticated technology into crypto platforms to assist increase security.

Cronos teamed with Chainalysis last month to leverage the latter’s platform to deliver security and data services to its native token.

Chainalysis has also worked with South Korean cryptocurrency exchange Bithumb, peer-to-peer (P2P) bitcoin marketplace Paxful, and others in the past.

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