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Bringing digitalization to the business world: A DLT adoption outlook

More companies are looking toward DLT to enhance business operations. Here is what the adoption landscape looks like.



To date, the ever-evolving DLT landscape has brought about dramatic changes to the world of finance and businesses in multiple industries. While blockchain is a type of distributed ledger technology, there are various other applications that have emerged since the advent of Bitcoin (BTC) over a decade ago.

What makes DLTs special is their capacity to cut out intermediaries in most supply chains while making it possible for stakeholders to collaborate autonomously without the need for a centralized authority figure. As the world continues to digitize its traditional workflow processes, the significance of DLTs increases.

Now, DLTs, in combination with other technologies, including the Internet of Things and artificial intelligence, are attempting to change the way trust and accountability are perceived while making it easy to track operations and achieve efficiency.

A recent study published by the World Trade Organization in conjunction with Trade Finance Global highlights how expansive the use cases of DLT can be. The study looks at how companies and organizations spanning across different industries, such as finance, supply chain logistics and insurance, are using DLTs to increase efficiency in their business operation.

Know Your Customer

One sector that has benefited from the adoption of blockchain and DLTs is the Know Your Customer solutions market. Given the challenges faced by financial services during verification and identification of customers in the fight against financial crime and money laundering, the traceability and immutability of DLTs make these two a perfect fit.


Clipeum is a consortium of banks, asset managers and insurance companies (including Société Générale, Natixis, Commerzbank, Tikehau Capital and R3), and a European-based entity that are striving to solve inherent inefficiencies in the sector through the use of an open-source pooling and collection protocol for KYC-related documents. The platform allows corporate treasurers to manage and grant access to requested documents.

The platform offers free access to corporate data providers, while financial institutions that consume the data pay a fixed license fee and a variable cost depending on the volume of data consumed.


This Singapore-based company has created a platform called vCargo that connects supply chain stakeholders digitizing the entire end-to-end process through the creation of organizations and institutions. So far, the platform offers up to 12 trade finance products, including access to letters of credit, import services and other trade products. The CamelOne platform is currently in use among logistic and collection companies as well as banks, not to mention the Singapore International Chamber of Commerce.


The company hopes to streamline the onboarding of the KYC process by allowing users to securely manage their digital identity while giving businesses and financial institutions access to tools to manage customer data.

At its core, KYC-Chain is a workflow solution built using DLT security features. For most businesses and financial institutions, such as Solex, BlockReal and Maxonrow, the platform goes beyond verifying customer identities to include a suite of solutions that manages the entire customer lifecycle in a reliable manner. So far, the project has completed over 500,000 successful onboardings with participants across the globe, according to a WTO report.


Insurwave offers a software-as-a-service solution for marine insurance companies that want to connect with clients (individual people and companies). Its DLT platform is a private blockchain that eliminates challenges such as high transactional costs and risk management, among other challenges surrounding the marine insurance industry workflow. With about 20 clients onboard, including Moller, Willis Towers Watson and Gard Insurance, Insurwave is able to generate revenue through annual license fees and on a charge-per-use model.

Trade documents

As more businesses continue to digitize their workflow processes, the need for legally digitized, enforceable documents increases. While smart contracts can be used in some instances as the digital equivalent of physical paper contracts in trade, they do not possess the flexibility and convenience of legal paper documents.


Through the use of a DLT on the Amazon Quantum Ledger Database, or AWS QLDB, CargoDocs offers an immutable and cryptographically verifiable transaction log of final documents and titles while also maintaining a verifiable history of changes to those documents.

Although the AWS QLDB is not a blockchain in the traditional sense, it shares attributes that make it similar to a DLT enabling the integration of CargoDocs across several DLT solutions. On a charge-per-use basis, the platform enables its users to create a number of digital trade documents, including electronic bills of lading for financial institutions and letters of credit.


Enigio is a digital document service provider based in Sweden that focuses on creating and managing digital original documents — invoices, medical journals, mortgages, promissory notes, wills, testaments, etc. — that are freely transferable on digital networks.

The company’s Trace:original product combines blockchain technology with Ricardian contracts to establish a DLT-based notary service that allows verification of digital documents without the need to store users’ or business data outside of the digital document. The tool turns documents into digital assets that can be stored locally by a holder, and the solution can be used to digitize all kinds of documents.

Enigio charges a fee for the creation of the document, but once created, it can be owned, managed and shared freely without anyone having to be an Enigio customer.


CargoX has created an open-source Blockchain Document Transaction System that supplies bills of lading on the Ethereum network. The BDTS is able to tokenize, encrypt and transfer the bill of lading documents, as well as other trade documents through an API system, which is interoperable with other blockchains.

So far, the platform has received accolades and recognition with awards such as the Blockchain Innovation of the Year in 2019 from the Transport and Logistics Middle East Excellence Awards. With current partners including the likes of Global Value Network, Maker, Mana and CargoX plans to have launched a possible KYC solution by 2021.


Dltledgers is an Asia-Pacific and Middle East-based DLT platform that digitizes trade documents and contracts, thus allowing commodity traders and large manufacturers to trade across borders. Some of its core services include the digitization of documents in account-payable financing, supplier financing networks, and provenance and sustainability processes. Built on a Hyperledger Fabric-based network, dltledgers aims to compete with the likes of and Komgo.


Based in Asia, eCom is a business-to-business data integration company that offers a DLT-based solution to securely share and exchange trusted data. Since the company mainly serves institutions in trade and finance, control and ownership of these documents are crucial. For cross border trade connectivity between countries, eCom uses a bi-directional exchange registry.

In the future, eCom plans to launch the second phase of its project in the hopes of implementing the transfer of trusted data through its registry as a solution for digitizing trade documents. Thus far, the eCom registry has shared over 320,000 documents from over 3,100 organizations, including IBM, Accenture and MuleSoft, to mention a few.


EdoxOnline is a ready-to-go DLT platform built on the Ethereum network for digitizing international trade documents. By linking and interconnecting the different stakeholders in international trade transactions, edoxOnline streamlines the document issuance process to speed up international trade, mitigate human errors and eliminate fraud, which are all challenges inherent in the industry. The platform has a number of users, including shippers, surveyors and trading companies, such as The Russell Marine Group and Alex Stewart International.

The platform is capable of handling electronic bills of lading and other documents while enabling real-time collaboration and privacy.

Galileo Bolero

Bolero provides secure communication between various stakeholders in the trade and shipping process. Although it has a blockchain-agnostic platform, Bolero aims to enable interoperability between different DLT platforms and non-DLT platforms through the use of APIs.

At its core, the company’s technology aims to ensure secure and efficient communication by offering enterprise-level tools necessary for the secure sharing of information across different blockchains.


Based in the Asia-Pacific region, TradeWindow is the company behind Cube, a DLT platform for trade administration that allows importers and freight forwarders to share shipping documents and supply chain data with permissioned partners. The platform operates as a single source of truth system capable of digitizing compliance, risk management, export documentation and trade finance.

With Cube, importers and exporters have access to an immutable audit trail with every B2B or business-to-government exchange. TradeWindow claims to have over 700 customers with an array of supply chain participants, such as Western Union, Mastercard and the Commonwealth Bank of Australia.


The Trusple platform is a creation of AntChain, a blockchain-based solutions provider for cross-border trade. The platform operates as a financial service provider generating smart contracts that dictate shipping and payment terms so as to automate and process payments when conditions are met.

Through the use of smart contracts on the blockchain, Trusple is able to digitize traditional, manual, paper-based international trade value chain while making each contract tamper-proof. Some of its main use cases include banks and small and medium-sized enterprises, such as Citi, DBS Bank, Deutsche Bank and Standard Chartered.


Vakt is currently only available in the oil markets and serves to enable various traders, terminals, brokers and trade finance banks the capacity to securely and seamlessly exchange data and trade documents directly from their internal systems. The platform is built via the collaboration and partnerships of companies with the same goal such as BP, Equinor, Gunvor, Koch Supply & Trading, Mercuria and Shell.

The blockchain-built platform allows users to manage physical transactions, and confirm trade and invoice settlements without the inefficiencies of paper-based processes. Like most DLT platforms in the sector, Vakt operates as a single source of truth for participants in its ecosystem with a distributed audit trail that safeguards data privacy.

Wave BL

Since it was first founded in 2015, Wave has claimed to be the world’s first live document exchange application. To test and roll out its platform, the company has partnered with the likes of Barclays Bank, the Israel Shipping Company and Sparx Logistics, a China-based logistics firm.

WaveBL is designed to enable its users the ability to exchange and digitally sign documents such as bills of lading in a cryptographically encrypted peer-to-peer network. Therefore, without a central registry, Wave’s users can manage their trade documents with every transaction.

Supply chainAero Blockchain Alliance

The air travel industry has been one of the hardest hit by the coronavirus pandemic. However, Sita, a solutions and service provider to airlines and airports, has created the Aero Blockchain Alliance as a solution to some of the key business pain points in the sector by applying DLT.

Apart from blockchain technology, the platform will aggregate electronic data for freight forwarders and shippers, not to mention airlines and ground handlers that use IoT. By enhancing cargo with IoT sensors, the platform will be able to perform advanced tracking of shipments. Other import and export transportation documents will also be digitized through the platform automating key processes.


Calista is a U.S.-based automated export services company that verifies logistic documents and compliance activities while also providing track-and-trace solutions. With a global reach of participating entities on its platform, Calista uses a fee and subscription model for its services. Some of its most prominent participants include Astana International Finacial Centre, Trade-Van, China-ASEAN Information Harbor and Thailand’s Ministry of Trade and Industry.

China–Europe e-Single

Officially launched on Oct. 23, the China–Europe e-Single integrates several administrative services on its platform. These services include monitoring of the logistics supply chains, facilitating intermodality and traceability of cargo across the value chain, as well as integrating several supply chain management services on one platform. Therefore, participating companies can monitor their logistics supply chain, thus making it possible to respond in record time especially during periods of constraints such as the current global pandemic.


Although this platform is built with a decentralized architecture that optimizes the flow of information in international trade, it has features that support asset notarization, user verification and asset registration. Therefore, any document or even an event required in international trade can be digitized through the platform to increase its level of trust.

Currently, the platform is focused in Singapore, the Netherlands and South Korea with participants such as Samsung SDS (a shareholder in the company), Rotterdam Authority, as well as a collection of shippers, exporters and buyers in the supply chain.

DP World

Based in Dubai, DP World is working on a permissioned blockchain system that aims to become the next global and universal trading platform. The company is working with freight forwarders, financial institutions, and a group of public and private entities in the United Arab Emirates to promote the adoption of its DLT platform.

A couple of its main agendas is to digitize exit and entry certificates required at the port and certificates of origin. By improving trust among participants in the logistics community, DP World aims to eliminate waste and improve efficiency.


Since the global shipping industry requires collaborative efforts between participants, the Global Shipping Business Network has built up CargoSmart, a Hyperledger Fabric DLT framework for the shipping and logistics industry. At its core, CargoSmart comes with three layers: a business API layer, a blockchain persistence layer and a platform service layer. All three layers work together to offer encryption and digitalize the business model of companies in the supply chain industry while remaining compliant with government rules.


The collaboration between IBM and Maersk resulted in the creation of TradeLens, which is a trading platform for the supply chain. Users can share end-to-end supply chain documents and information, and they can store that information with guaranteed privacy and security. Built on the Hyberledger Fabric, TradeLens also offers a software-as-a-service solution to 200 members, most of which are corporates, banks, customs authorities and regional freight forwarders. Some of these 200 members include Agility, Southway Group and Namsung.

Security levels on TradeLens are such that entities know who they are dealing with. Smart contracts are deployed to automate the business process and increase trust, while cryptographic hashes are used to create original digital documents that cannot be duplicated.

Adoption is coming along

Emmanuelle Ganne, senior analyst at the World Trade Organization, told Cointelegraph: “DLT could bring global trade from the labor-intensive steam train age into the magnetic levitation train age that moves at high speed without friction,” adding:

“DLT has the power to break existing siloes and to replace the many handshakes needed to complete an international trade transaction by one single handshake, thereby removing inefficiencies and slashing costs.”

From a technical standpoint, and as seen through the examples mentioned above, DLT is ready to replace traditional transactional systems with efficient and transparent tools. However, regulation is still standing in the way, creating a major bottleneck in the adoption process.

Related: Trade finance: The latest industry to boost DLT adoption amid COVID-19

Deepesh Patel, editorial director at Trade Finance Global — a trade finance platform — told Cointelegraph: “Most banks have not yet seen meaningful support from authorities to facilitate trade on digital terms, and we urge governmental authorities and policymakers around the world to address these historic and wildly outdated laws.”

One sector that has benefited from the adoption of blockchain and DLTs is the Know Your Customer solutions market. Given the challenges faced by financial services during verification and identification of customers in the fight against financial crime and money laundering, the traceability and immutability of DLTs make these two a perfect fit.




El Salvador’s Bitcoin detractors: Opposition groups gather as crypto law rolls out

While President Bukele enjoys widespread popularity, his law that makes Bitcoin legal tender does not.



The year 2021 will probably go down the history books as one of Bitcoin’s (BTC) most interesting years, given its recent uptake by billionaires and adoption by mainstream institutions, not to mention El Salvador’s move to make it legal tender.

In El Salvador’s case, it almost seems as if the whole world is watching this experiment to see whether it will be a success or a total failure for the Central American nation.

With Sept. 7 marking the official implementation of Bitcoin as a legal tender in El Salvador, a wave of protests in the country against the move has roused suspicions and uncertainty over how the new law will be enforced.

From the arrest of individuals criticizing the Salvadoran government over the new law, to the wave of citizens across the country protesting Bitcoin’s legal status, the seminal crypto is facing some headwinds.

How Bitcoin became legal tender

It all began in early June after Salvadoran president Nayib Bukele announced in a tweet that the country’s legislative assembly had passed a bill making Bitcoin legal tender. The law was set to be implemented on Sept. 7 and would see the country’s 4.5 million citizens able to make purchases with Bitcoin at stores nationwide.

In his announcement, Bukele said that once an official bill to make Bitcoin legal tender was passed, “Chivo ATMs” — Chivo being the name of the official BTC wallet for El Salvador — would eventually be “everywhere” in the country. This would allow El Salvadorans to withdraw Bitcoin in cash without incurring any commissions on their holdings, as is the case with services such as Western Union.

Moreover, Bukele assured citizens that no one will be forced to use Bitcoin. In a statement, the 40-year-old president said that “someone can always queue up at Western Union and pay a commission.”

“What if someone doesn’t want to use Bitcoin? [Well] don’t download the app and continue living your normal life. Nobody is going to take your dollars,” he said.

The first wave of resistance

Following the announcement, a group of protestors called the Popular Resistance and Rebellion Block (BRRP) block emerged to protest against the Bitcoin law.

“President Nayib Bukele passed the law making the cryptocurrency legal tender in the country without proper consultations with the people,” one activist said.

Although the protest group highlighted complexities such as Bitcoin’s volatility as reasons for caution, their main claim is that the law mainly serves large businesses linked to alleged money laundering to the benefit of corrupt officials.

“Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money,” one protestor said.

A letter from the BRRP group said that “entrepreneurs who put their capital in Bitcoin will not pay taxes on their earnings and the government would spend millions worth of taxes to execute the whole campaign.”

Indeed, the bill to make Bitcoin legal tender includes some interesting proposals such as a zero capital gains tax on BTC. The bill also promised investors permanent residency in the country with a three BTC investment in El Salvador.

The arrest of Mario Gómez

As the controversial Bitcoin bill became a law on Sept. 7, both supporters and detractors continue to emerge with the latest in events around the law being the arrest of Mario Gómez.

According to several local news outlets in El Salvador, Mario Gómez — a computer and crypto expert as well as an avid critic of the government — was arrested by local police and held for a few hours before being released.

Gómez has been known to regularly post on social media opposing the government’s move to make Bitcoin legal tender. Observers such as Steve Hanke — an economist from Johns Hopkins University — criticized Gómez’s arrest as an “authoritarian police tactic in action.”

Hector Silva, a counselor of the mayor’s office in San Salvador, said, “the arrest of Mario portrays the fragility of the government in terms of the implementation of the Bitcoin law but confirms something even more dangerous.”

“They are willing to manipulate whatever institutions are necessary to push critical voices out of the way,” added Silva.

Although the police released a statement saying that Gómez was detained as part of a financial fraud investigation, news reports claimed that he was arrested without a warrant and an attempt was made to take possession of his phone and computer.

The citizens’ protest

Right before Gómez’s arrest, some retirees in El Salvador took to the streets to protest, worried about the government using the cryptocurrency to pay their pensions.

While speaking to reporters, one demonstrator from the crowd — which included veterans, disability pensioners, workers and retirees — said, “we know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it.”

While Bukele has promised that the use of Bitcoin in the country will be optional and that salaries and pensions will still be paid in United States dollars, the protestors still highlighted a lack of knowledge of the technology.

Citizens have also complained that there has been too little explanation from officials about the pros and cons of Bitcoin. “We don’t know the currency. We don’t know where it comes from. We don’t know if it’s going to bring us profit or loss. We don’t know anything,” one Salvadoran added.

In response, Bukele’s administration has stated that the use of Bitcoin is not mandatory and that necessary training and other alternatives to Bitcoin will be provided.

Mixed opinions

Although President Bukele enjoys incredibly high approval ratings, recent polls concerning the Bitcoin law show a widespread lack of support for the measure. A recent poll conducted by El Salvador’s Universidad Centroamericana José Siméon Cañas shows that up to two-thirds of respondents are inclined toward a move to repeal the law, and more than 70% prefer the U.S dollar over Bitcoin.

International institutions like the International Monetary Fund have also warned about macroeconomic, financial and legal issues brought about by El Salvador’s adoption of Bitcoin.

Siobhan Morden, head of Latin America Fixed Income Strategy at Amherst Pierpont, said that “the plans for Bitcoin under an increasingly autocratic regime will likely only compound concerns about corruption.”

On the flip side, others remain optimistic that the new law will eventually benefit Salvadorans given that the country’s economy is heavily reliant on remittances sent home by migrants overseas. Last year alone, the country’s remittances totaled $6 billion, accounting for a fifth of gross domestic product.

“El Salvador’s adoption of Bitcoin as legal tender by law offers the country some optionality in financial matters and sovereignty,” said Alexander Blum, managing director of Two Prime.

His sentiments were echoed by Alberto Echegaray Guevara — an artist and entrepreneur — who said, “President Bukele’s Bitcoin Law is not only trying to make international money transfer cheaper and easier for 70% of his unbanked population but also creating a new economic hub and new remittances platform in Central America.”

Adrian Pollard from HollaEx told Cointelegraph, “It is typical for new technology rollouts to have bugs and apposition but that’s exactly why it was made voluntary.”

“I suspect there will be more bumps along the road for El Salvador but it will be worth it long term. In fact, I believe other South American nations aren’t far behind and will follow,” added Pollard.

In his announcement, Bukele said that once an official bill to make Bitcoin legal tender was passed, “Chivo ATMs” — Chivo being the name of the official BTC wallet for El Salvador — would eventually be “everywhere” in the country. This would allow El Salvadorans to withdraw Bitcoin in cash without incurring any commissions on their holdings, as is the case with services such as Western Union.



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The future of DeFi is spread across multiple blockchains

Creating interoperability, not competition: Multichain solutions will positively impact the blockchain space in terms of accessibility, innovation and economic viability.



Long stuck in the shadows of Bitcoin (BTC), Ethereum (ETH) finally took hold of the market in 2020 during the decentralized finance summer. Designed to recreate traditional financial systems with fewer middlemen, DeFi is now being used across lending, borrowing, and the buying and selling of tokens. The majority of these decentralized applications (DApps) are run on Ethereum, which saw activity on the network increase during 2020. This activity also trended upwards due to yield farming, also known as liquidity mining, which enables holders to generate rewards with their crypto capital.

But as activity on Ethereum increased, so too did the network’s transaction fees. In May, it was reported that Ethereum gas fees were skyrocketing. It’s intuitive that engaging in DeFi is only worthwhile when handling capital that exceeds any network fees. Consequently, it soon became clear to users that the blockchain was verging on unusable.

Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answer

Without a doubt, Ethereum remains the most active and populated blockchain, but other potential players are popping up, providing a viable alternative to Ethereum. For example, layer one protocols such as Binance Smart Chain (BSC) and Solana (SOL) are attracting billions in assets under management, whereas layer two solutions such as Polygon (MATIC) are capturing Ethereum’s disgruntled users’ attention due to their compatibility with Ethereum-based protocols. This is in addition to delivering low fees and quick transaction speeds. However, despite Ethereum gas fees reaching a high over the past year and the growth of faster networks, none of these chains have killed Ethereum yet.

It’s because of this, as we enter the second half of 2021, that the narrative of “Ethereum vs. the rest” is starting to change — developers are realizing the value of a cross-chain future rather than having to pick one blockchain to build on. It’s no longer a case of creating a chain with a competitive edge, but of ensuring all chains can work interchangeably to improve the industry.

Related: A multichain future will accelerate innovators and entrepreneurs

Benefits and drawbacks of a multichain future

Due to its prominence and longstanding presence in the market, Ethereum has the first-mover advantage and remains the most significant blockchain within the DeFi ecosystem as of Q1 2021. But with other chains gaining momentum, it is these alternatives to Ethereum that are providing the benefits of faster transaction speeds and significantly lower fees.

The introduction of other chains isn’t necessarily a bad thing, even for Ethereum fans. After all, a multichain ecosystem brings additional space for new protocols to enter, each with a strong user base. Each new chain also creates a new community, vacancies for services, and an individual identity and culture.

Related: Too little, too late? Ethereum losing DeFi ground to rival blockchains

One possible drawback, depending on how you look at it, is that some blockchains require unique programming languages, such as JavaScript, Rholang, Simplicity, Rust or Solidity, which may present a barrier to entry for developers. At the same time, however, different coding languages can present a new way for developers to solve a problem. And as the blockchain space moves further towards multichain, it may inspire developers to create and innovate as they witness the diversity in viable blockchain projects. It’s for this reason that projects which don’t innovate could be seen as lagging and abandoned by their community.

Not only that, but separated blockchains create innovation silos, presenting challenges to progress and adoption. Joining the multichain future together can be seen as seamlessly connecting these specialized groups. This could be seen as a difficult objective to achieve in the traditional tech world, but cryptocurrency and blockchain are challenging these existing infrastructure monopolies, and this industry has the ability to pioneer an ecosystem that works cohesively rather than competitively.

Related: Life beyond Ethereum: What layer-one blockchains are bringing to DeFi

More blockchains, more value

It’s inevitable that projects will eventually connect multiple blockchains, making the transfer of information from one chain to another seamless. In fact, the cryptocurrency market and multichain adoption is less of a zero-sum game than is often cited. And, as the multichain future becomes more apparent, it will only become clearer that the additional functionality, usability and scalability it brings is contributing to the onboarding of new users.

Related: The great tech exodus: The Ethereum blockchain is the new San Francisco

Rather than viewing the existence of a multichain future with doubt, it should be looked on positively. There are plenty of different smart contract platforms in the crypto ecosystem, all of which impact the blockchain space in terms of accessibility, economic viability and innovation. Blockchains may be separated right now, but everything will come together in the end, creating an interoperable and fast network of protocols that fulfils our daily needs. The beauty of this is that we won’t have to worry about how we’re transacting or what we’re transacting on, as it won’t matter.

We’re still far from achieving the end goal of interoperability, but once it’s achieved mass adoption, the crypto industry will be unstoppable. And, as the sector continues to grow, projects are finding that they have to adapt to a multichain future soon or risk getting left behind.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Michael O’Rourke is the co-founder and CEO of Pocket Network. Michael is a self-taught iOS and Solidity developer. He was also on the ground level of Tampa Bay’s Bitcoin/crypto meetup and consultancy, Blockspaces, with a focus on teaching developers Solidity. He graduated from the University of South Florida.

Without a doubt, Ethereum remains the most active and populated blockchain, but other potential players are popping up, providing a viable alternative to Ethereum. For example, layer one protocols such as Binance Smart Chain (BSC) and Solana (SOL) are attracting billions in assets under management, whereas layer two solutions such as Polygon (MATIC) are capturing Ethereum’s disgruntled users’ attention due to their compatibility with Ethereum-based protocols. This is in addition to delivering low fees and quick transaction speeds. However, despite Ethereum gas fees reaching a high over the past year and the growth of faster networks, none of these chains have killed Ethereum yet.



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Chainalysis raises $100M in Series E funding led by Coatue

Chainalysis secures its second $100 million investment round in three months.



Chainalysis has secured hundreds of millions of dollars in the second quarter as venture firms allocate more resources to the emerging blockchain sector.

Chainalysis raises $100M in Series E funding led by Coatue

Blockchain analytics company Chainalysis has secured $100 million in Series E financing, bringing its total valuation to a staggering $4.2 billion and highlighting once again the tremendous growth of the cryptocurrency industry.

The round was led by global investment manager Coatue, with additional participation from 9Yards Capital, Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage and SVB Capital, Chainalysis announced Thursday.

Chainalysis said the funds will go toward expanding its blockchain data capabilities, which includes investing in new data tools, software and APIs.

“We believe blockchain data is the asset that can help public and private sector organizations understand the risks and opportunities surrounding this asset class and promote its adoption safely and successfully,” the company said.

Chainalysis’ valuation has more than doubled in the last quarter thanks to several strategic investments. As Cointelegraph reported, the company closed out a $100 million Series D round in March led by Paradigm, a crypto-focused investment firm. At the time, Chainalysis’ director of communications Maddie Kennedy told Cointelegraph that the funds will be used to expand the company’s enterprise data offering.

Related: Crypto-finance company Amber Group valued at $1B following $100M raise

Mega-million-dollar funding rounds have become commonplace in the cryptocurrency industry over the last six months. Venture firms have poured billions into crypto startups this year alone, with the likes of Andreessen Horowitz going a step further by announcing a new $2.2 billion crypto venture fund.

What’s more, dealmaking seems to be happening irrespective of current market conditions, which marks an important evolution from the 2017 bull market that saw venture funding dry up once the initial coin offering mania faded.



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