Chainalysis launches Canberra office, reports ‘skyrocketing’ global crypto adoption
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New York-based blockchain data company Chainalysis on Tuesday announced it has opened a new office in Australia after partnering with a number of crypto businesses here last year.
Todd Linfield, a former account manager for IT company NTT, is heading up the office in Canberra. LinkedIn lists four other Australia-based employees for the company.
“The Pacific region is quickly becoming a centre for cryptocurrency innovation,” said Lenfield said in the announcement. “Our increased investment in the region will ensure businesses and governments can explore digital asset ecosystems in a safe, compliant manner.”
In June, Chainalysis announced it has raised US$100 million in a Series E funding round, bringing its valuation to US$4.2 billion.
Chainanalysis also released its 2021 Geography of Cryptocurrency Report, a 133-page document looking at crypto adoption internationally.
Not surprisingly, it found that global crypto adoption was skyrocketing, although it said that the reasons differed around the world.
“In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions,” Chainalysis wrote.
“In North America, Western Europe, and Eastern Asia, by contrast, adoption over the last year has been driven largely by institutional investment.”
Global crypto adoption is up 881 per cent in the last year and 2,300 per cent since the third quarter of 2019, Chainanalysis said, citing its proprietary country index scores.
In overall crypto adoption, Australia was ranked just 38th, with Vietnam coming in first, followed by India. (The index adjusts for the purchasing power of each nation).
In DeFi adoption, Australia was ranked 12th, with the USA listed as No. 1.