Government agencies help Chainalysis double its recurring revenue in Q3
Blockchain analytics firm Chainalysis says that its recurring revenue grew 100% year-over-year in the third quarter of 2020, largely thanks to demand from government agencies for its solutions.
Chainalysis did not share dollar figures. But the firm told The Block that the growth in annual recurring revenue — the kind of revenue that a company expects it will continue to generate in the future — from public sector customers increased 170% year-over-year and 32% quarter-over-quarter in the third quarter of this year.
Overall, the firm's customers grew by 65% in the third quarter, it said, though it did not reveal a specific headcount. Chainalysis has become known as a go-to analytics service for federal agencies. The firm's platform has been used in a number of recent high-profile law enforcement cases.
In addition to releasing the new numbers, Chainalysis announced several new hires, including the addition of two former government officials to its Washington, D.C. team. Amanda Wick, former FinCEN and Department of Justice official, has joined Chainalysis as chief of legal affairs. Don Spies, former Department of Treasury official, will be director of market development.
The company is also expanding its international presence, opening new offices in Tokyo and Singapore. In July, the company raised an additional $13 million to expand its Series B round to $49 million.
