Mitsubishi UF J Financial Group (MUFG) known as Japan’s largest bank invest $6 million in crypto sleuthing startup Chainalysis which came from its venture capital unit. Through this was B round investment where there was participation of Sozo Ventures. The funding amount of Series B round is $36 million. Chinalysis wants to extend its Asia-pacific business with the investment. In this region the company has doubled client numbers and increased contracted revenue by ‘’more than 16x’’ last year. For the startup Sozo and MUFG will provide critical insights and it’s hoped by the startup. $16 million in Series A was raised by Chinalysis in April 2018, from Benchmark Capital where Chinalysis KYT was introduced as a compliance tool which ensures transaction analysis in real-time.
For establishing next generation compliance frameworks Chinalysis’s compliance technology is necessary to issuing the insight and money-laundering controls banks. A public comment latter was dispatched by the startup last week describing it is unrealistic and harmful for the crypto industry to expect exchanges to send KYC information to recipient platforms with every transaction.