CipherTrace Raises $15 Million to Boost Blockchain Analytics

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term analytics company CipherTrace has secured $15 million in a funding round from venture capital firms.

The round was led by Aspect Ventures and was participated by notable investors including Galaxy Digital, Neotribe Ventures, and WestWave Capital.

Launched in 2015, the Silicon Valley-based firm is developing a blockchain intelligence platform which will include solutions for anti-money laundering (AML), blockchain analytics, and compliance. The company believes that its products can be used by the government, regulators, law enforcement investigators and auditors to enforce AML laws, combat crime and reduce fraud.

“CipherTrace is pleased to announce this strong backing from top-tier investors who share our vision that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and blockchains need to be secured, regulated, and made safe so that they can scale globally,” said David Jevans, CipherTrace CEO. “Our investors have decades of experience investing in proven teams and technology companies in the Internet security and financial technology industries. CipherTrace will join the ranks of these successful companies.”

According to the announcement, the company will use the new funds to expand its global reach and extend product functionality. Moreover, to oversee the business decisions of the company, Aspect Ventures’s partner Mark Kraynak will join the board of directors at CipherTrace.

The Booming Blockchain Intelligence

The industry of blockchain analytics and intelligence is booming lately given the increasing concerns with the vulnerabilities in the decade-old technology. Just yesterday, crypto exchange Coinbase announced the acquisition of Italy-based blockchain analytics company Neutrino to enhance the security features on the platform.

Last week, Chainalysis, another startup in the same sector, raised $30 million in Series B funding round. The New York-headquartered firm also expanded its reach across the Atlantic by opening a new office in London.

“Great blockchain companies will be forged as crypto assets achieve mainstream adoption,” said Mark Kraynak at Aspect Ventures. “We believe security and compliance with anti-money laundering and other financial regulations, as enabled by CipherTrace, will be a key first hurdle to mass adoption.”