Mitsubishi UFJ Financial Group (MUFG), Japan's biggest bank, has endorsed an extra $6 million Series B round for cryptocurrency sleuthing startup Chainalysis.

The investment came through the lender's venture capital unit, MUFG Innovation Partners, Chainalysis stated Tuesday. The round also saw participation in Tokyo-based investment company Sozo Ventures.

The extra funding means Chainalysis' complete because of its Series B round currently sits at $36 million. It increased $30 million back in February, in a first-round headed by venture capital firm Accel Partners.

With further investment, Chainalysis stated it intends to enlarge its Asia-Pacific company and start a new office to help this effort.

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The startup stated it's significantly grown its business in the area, promising to have over doubled customer numbers and raised contracted earnings by “over 16x” previous year.

“Chainalysis plans to build on this momentum with a physical presence and deeper engagements with entities including Sozo and MUFG, who will provide critical market insights,” the firm said.

Back in April 2018, Chainalysis increased $16 million at Series A investment from Benchmark Capital, also established a cryptocurrency compliance instrument, known as Chainalysis KYT (for “know your transaction”), which it says provides trade analysis in real time.

MUFG Innovation Partners CEO and president, Nobutake Suzuki, stated in yesterday's statement:

“Chainalysis’s compliance technology is important to providing the insight and anti-money laundering controls banks need in order to establish next generation compliance frameworks.”

Launched in 2014, Chainalysis especially helped diagnoses from the Mt. Gox bankruptcy situation, in the endeavor to find the failed market's lost bitcoin.

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Last week, the startup published a public opinion letter in response to a draft proposal from the Financial Action Task Force (FATF), stating it is unrealistic and damaging for it's the crypto sector to expect trades to send know-your-customer (KYC) data to recipient programs with each trade.

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Written by Avi Selk

Avi is a senior writer at MyBitcoin. He covers news on Bitcoin and Blockchain. He had worked for many years in factories and service industries — experiences he values. Apart from this he has worked for various popular news outlets such as Washington Post. To get in touch with Avi for news reports you can email him on [email protected] or reach him out in social media linked below.

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