Chainalysis: The crisis of the crypto market did not affect the revenue from government contracts

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Analytics company revenueChainalysis has grown by 70% over the past year, and the volume of contracts with government organizations has exceeded $65 million, despite the crisis in the cryptocurrency market.

Co-founder and CEOChainalysis Michael Gronager, in an interview with The New York Times, emphasized that the crisis that has been plaguing the cryptocurrency industry throughout 2022 did not prevent his company from making money on the sale of services. Gronager declined to disclose exact sales figures, but said the revenue growth was driven by an efficient business model.

“Two thirds of our revenue comes frompartnerships with government agencies, including law enforcement agencies. This source of income remains relatively stable, even when the market is collapsing,” the CEO explained.

According to the American non-profitTech Inquiry, which tracks federal contract records, Chainalysis has existing agreements with the Department of Justice, the Department of the Treasury and other federal agencies that pay for Chainalysis's services to track transactions on blockchains. In total, the value of Chainalysis's existing contracts exceeds $65 million.

In April, the Calgary police in the Canadian province of Alberta, in partnership with the analytical company Chainalysis, opened
Center for Investigation of Crimes Related to Cryptocurrency and Blockchain.