New York-based Chainalysis, a provider of cryptocurrency investigation and compliance solutions, has established a new office in Canberra, Australia. The opening will help further strengthen the company’s presence in the Asia-Pacific region.

The office will support the local cryptocurrency market as well as public sector agencies and financial institutions. Since 2020, Chainalysis has more than doubled its number of Australian cryptocurrency customers.

According to the company’s 2021 Geography of Cryptocurrency Report, the Central and Southern Asia and Oceania (CSAO) region is the fourth-largest global cryptocurrency market. The region accounted for 14% of all cryptocurrency value transacted between July 2020 and June 2021. In addition, transaction activity within the CSAO region grew by 706% compared with the previous year in terms of raw value.

In a press release, Chainalysis country manager for Australia and New Zealand Todd Lenfield commented: “The Pacific region is quickly becoming a centre for cryptocurrency innovation. Our increased investment in the region will ensure businesses and governments can explore digital asset ecosystems in a safe, compliant manner.”

In June 2021, Chainalysis secured $100m in Series E funding, bringing its total valuation to more than $4bn. The funds will be used to expand the company’s blockchain data capabilities, including investing in new data tools and software.