Crypto startup Nansen raises $75 mln in early-stage funding led by Accel

2 minute read
Register now for FREE unlimited access to Reuters.com

Dec 16 (Reuters) - Blockchain analytics firm Nansen on Thursday raised $75 million in an early stage funding round led by venture capital firm Accel, with participation from Andreessen Horowitz and technology investor Tiger Global.

The company intends to use the funds raised in the round to expand the features on its blockchain analytics platform, which helps users protect their crypto assets such as ethereum, polygon and binance smart chain.

Crypto companies have drawn the interest of some of the biggest venture capital investors in the world, even as regulatory authorities look at the alternative asset class with skepticism due to its potential for money laundering and other financial crimes.

Register now for FREE unlimited access to Reuters.com

However, Andrei Brasoveanu, a partner at Accel told Reuters, "a clear regulatory and tax framework would only serve to fuel continued market growth, by providing more clarity to all stakeholders."

Other investors who participated in the Series B funding round include Singapore's GIC and tech startup investor SCB 10X.

Venture capital firms have invested $21.4 billion in crypto and blockchain companies as of Oct. 1 this year, according to data from PitchBook.

Brasoveanu said with the explosion of activity in crypto, including new areas like non-fungible tokens (NFTs) and decentralized finance (DeFi), there is a lot of growth potential in the company as it doubles down on R&D and data coverage efforts.

Register now for FREE unlimited access to Reuters.com
Reporting by Manya Saini in Bengaluru; Editing by Amy Caren Daniel

Our Standards: The Thomson Reuters Trust Principles.