Blockchain startup Nansen raises US$75m from investors including GIC

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

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

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.

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."

Venture capital firms have invested US$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 and decentralised finance, there is a lot of growth potential in the company as it doubles down on R&D and data coverage efforts.

REUTERS