New York-based blockchain intelligence firm Chainalysis recently revealed its third-quarter results, suggesting that they have doubled their revenue during the quarter.
Number of customers grow
The firm said that its number of customers increased by 65% on a year-on-year basis as demand for its investigative technology from public sector agencies is growing. Its quarterly revenue doubled in the period between July and September. The firm recently onboarded the banking regulator responsible for chartering and supervision of state banks- Wyoming’s Division of Banking. The company will help the regulator combat sanctions violations, money laundering, and other criminal activities connected to cryptocurrencies.
The state regulator also plans to use tools by Chainalysis to help state and federal law enforcement agencies to conduct testing and monitoring of regular transactions. Chainalysis will be selling its compliance software and bitcoin-tracing technology to banks and brokers to link digital identities to cryptocurrencies and monitor transactions.
New hires in the team
Chainalysis recently added two new executives to its management team on Tuesday. Rakib Azad will be joining the team as VP of finance. He is a consumer products, software, and retail companies’ veteran who led a successful MongoDB IPO recently. Betsy Bevilacqua will be the firm’s new Vice President of Information Security. Bevilacqua is a cyber-security industry veteran who has served in leadership roles in Fortune 500 companies like Facebook and eBay as well as some startups.
Speaking about the development, Chainalysis co-founder and CEO Michael Gronager said, “Chainalysis builds trust and brings legitimacy to the future of finance. When law enforcement and regulators become comfortable with digital assets, exchanges are able to grow and financial institutions can enter the ecosystem to safely and responsibly capitalize on this growing asset class. I’m excited about the top talent we are bringing on to prepare the company for the next wave of cryptocurrency adoption.”
The Washington team of the company is also growing with Don Spies onboarded as Director of Market Development, Erin Plante as Director of Technical Solutions, and Amanda Wick as Chief of Legal Affairs.