One of the world’s leading blockchain analysis firms, Chainanalysis, is opening its first offices in Australia in the city of Canberra. This comes at a time when the blockchain analysis firm announced its partnership with Commonwealth Bank as the bank launched crypto services to its 6.5 million customers.
Through the new office, the firm looks to strengthen its presence in the Pacific region. It will be supporting the local cryptocurrency market, various financial institutions and public sector agencies.
Chainanalysis is currently one of the world’s most valued blockchain firms with a valuation of over $4.2B following their $100 million Series E funding round in June 2021. It was founded in 2014 by Jonathan Levin and Michael Gronagar.
In its 2021 Geography of Cryptocurrency Report, the analysis firm established that Central & Southern Asia and Oceania (CSAO) are the fourth largest cryptocurrency markets in the world. The region accounted for $572.5B (14%) of all crypto transactions between July 2020 and June 2021. During the same period, the value of crypto transactions grew by more than 706%.
“The Pacific region is quickly becoming a centre for cryptocurrency innovation” suggests Todd Linfield, Chainanalysis Canberra office head. He added, “Our increased investment in the region will ensure businesses and governments can explore digital asset ecosystems in a safe, compliant manner.”
The launch of the Chainanalysis regional office in the country further validates Australia’s dive into the cryptocurrency space.
This is not the first time Chainanalysis has moved to the Australian market. In the past year, the firm announced partnerships with a number of Australian-based crypto-related service providers such as crypto exchanges and payment platforms. The partnerships saw the firm more than double its cryptocurrency user base.
What do the Chainanalysis office mean for crypto adoption in Australia?
The vibrant Australian crypto industry has been making moves recently. The country saw an increase of more than 186% growth in retail crypto traders in 2021. At the same time, the Senate has been working on coming up with regulations that will lead to Australia becoming a crypto hub.
The entry of Chainanalysis into Australia already points to early signs of Australia potentially becoming a crypto hub. As one of the leading analysis firms, the presence of Chainanalysis in the country will allow for increased customer confidence and worldwide legitimacy as a crypto-friendly nation. With that reassurance, growth in both the retail service providers and crypto acquisition will likely continue throughout the country.