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The revenue of the analytical company Chainalysis over the past year increased by 70%, and the volume of contracts with government organizations exceeded $65 million, despite the crisis in the cryptocurrency market.
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Co-founder and CEO of ChainalysisMichael Gronager, in an interview with The New York Times, emphasized that the crisis plaguing the cryptocurrency industry throughout 2022 did not prevent his company from making money selling services. Gronager declined to disclose exact sales figures, but said the revenue growth was driven by an efficient business model.
“Two-thirds of our income comes frompartnerships with government agencies, including law enforcement agencies. This source of income remains relatively stable, even as the market crashes,” the CEO explained.
According to the American nonprofitTech Inquiry, an organization that tracks federal contract records, Chainalysis has agreements in place with the Department of Justice, Treasury, and other federal agencies that pay Chainalysis to track blockchain transactions. In total, the amount of active Chainalysis contracts exceeds $65 million.
In April, Calgary Police in Alberta, Canada, partnered with Chainalysis, an analytics company, to open
Center for Investigation of Crimes Related to Cryptocurrencies and Blockchain.