The round was led by investment firm Paradigm, with participation from existing backers Addition, Ribbit and TIME Ventures, Chainalysis said. The cash injection will be used to provide enterprise data solutions to cryptocurrency businesses, financial services companies and government agencies, the company said. “We’ll continue to invest in investigations and compliance software, but we’ll also build out new data products both for our existing customer base and new audiences,” said Michael Gronager, the firm’s co-founder and chief executive. ADVERTISEMENT “We’re also investing in our international expansion.” The funding round comes amid a boom in the cryptocurrency market, where more established financial companies are launching products and services and existing startups see business grow. This has fed demand for technology such as that of Chainalysis, which helps private firms and law enforcement track transactions to spot and prevent illicit activity such as money laundering. ADVERTISEMENT Cryptocurrency transactions are recorded on their underlying blockchain, a digital public legder. Chainalysis, which had last raised $100 million in November, said it has doubled its client base and hired 116 new employees over the past year. It now covers 100 cryptocurrencies, encompassing about 90% of economic activity in the nascent asset class, it said. Reporting by Anna Irrera; Editing by Clarence Fernandez