CipherTrace, a blockchain analytics company that develops crypto security solutions including AML, forensics, and compliance, has raised a $15 million round led by Aspect Ventures and joined by other notable funds such as Galaxy Digital. The company will use the funds to grow its global presence and expand product features.
CipherTrace is known for its quarterly cryptocurrency AML reports and deep forensic expertise, counting numerous global stakeholders as clients, including government regulators, law enforcement investigators/auditors, cryptocurrency exchanges and financial institutions. The products are used to enforce AML laws and combat fraud, among other security threats.
The company was founded in 2015 and received initial funding from the U.S. Dept. of Homeland Security's Science & Technology Division, as well as DARPA.
“Galaxy Digital is a CipherTrace customer and an investor,” Greg Wasserman, Co-Head of Principal Investments at Galaxy Digital said in a press release. “Appropriate AML technology is critical for the mainstream adoption of digital assets. Institutional investors are increasingly looking to platforms like CipherTrace to monitor the integrity of transactions with their counterparties.”