Cryptocurrency News

Blockchain Analytics Company Chainalysis Plans To Purchase BTC

Chanalysis will currently be purchasing Bitcoin through NYDIG to boost the company’s balance sheet and also improve its relation with NYDIG.

The blockchain analysis company, Chainalysis will be purchasing an unknown amount of Bitcoin by utilizing the services provided by the New York Digital Investment Group (NYDIG). The company released a blog post on Tuesday, in which it stated that the company intends to grow its already existing affiliation with NYDIG in order to purchase Bitcoin, as the digital asset has witnessed a huge recovery, now sitting at a high of $63,293. Chainalysis also stated that this purchase is fueled by rising credence in Bitcoin and the excellent services provided by NYDIG in the digital financial market.

Expanding Cryptocurrency Investments 

Chainalysis be not only purchasing Bitcoin but will also be looking forward towards other cryptocurrencies as well. Founder and CEO of Chainalysis Michael Gronager commented about the matter, saying that Chainalysis is trying its best towards building a strong relationship with cryptocurrencies “as a digital asset,” and the company is excited to add Bitcoin to their balance sheet. Michael also mentioned that since this is the company’s first-ever investment into cryptocurrencies, it will also be looking into other cryptocurrencies for future investment plans as well. Chainalysis has a close eye on companies like Tesla, Galaxy Digital and a couple more in order to proceed with much smarter investment strategies. Tesla, as of now, has around 43,200 Bitcoin worth around $2.7Billion, sitting in its inventory, so it is quite obvious that investors have kept a close eye on Tesla’s movement in the crypto space.

Activity on Chainalysis 

Chainalysis managed to conduct successful funding round, which gathered around $100Million back in June, which then led the company to be valued at around $4.2Billion. The firm’s services have been utilized quite a lot this year, as hackers who demand cryptocurrency payments as ransomware has started to step up their game and have been conducted unique hacking events. As the number of attacks has started to increase, many companies and firms are seeking data in order to tackle the situation. Chainalysis was recently involved in the investigation of a business firm named Suex OTC, which is based in Russia and also took possession of Excygent, a Cybercrime Investigation company, at the start of this month.

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