(Bloomberg) -- Chainalysis, the blockchain forensics firm, has raised $100 million from investors led by Coatue, valuing the company at $4.2 billion.

The New York-based firm plans to use the proceeds to expand its data offering to allow users to see market signals of when to buy or sell cryptocurrency or to alert customers like exchanges when their users may need to be investigated. The company has long wanted to expand into a data offering, Chief Executive Officer Michael Gronager said in an interview.

“We are seeing more and more of the traditional markets move into crypto one way or another,” Gronager said. “All kinds of finance will move to crypto in the future.”

This is the third $100 million capital raise for Chainalysis in seven months, and its valuation has more than doubled since March. The entire crypto world is absolutely flooded with money, with venture capital funds already committing $17 billion this year, which doesn’t include the Chainalysis raise, according to data provider PitchBook.

That’s by far the most in any single year and nearly equal to the total amount raised in all previous years combined. Besides Chainalysis, other firms raising money recently include Blockdaemon, Coin Metrics, Paxos Trust Co., Alchemy and Digital Asset Holdings LLC.

Read more: Venture Capital Makes a Record $17 Billion Bet on Crypto World

One way Chainalysis will expand is to allow customers direct connections to its databases, said Pratima Arora, chief product officer for Chainalysis, who joined the company a week ago. That could allow customers to glean insights in the market that aren’t related to compliance or investigations, she said.

The Chainalysis Series E fundraising included existing investors Benchmark, Accel and Addition while SVB Capital and Blackstone Group Inc. also invested, according to the company.

Blockchain transactions are public but masked by long strings of pseudonymous characters called addresses. While linking those addresses to a person is a challenge, Gronager said Chainalysis has been doing just that since 2013. That can help a big financial institution that wants to buy or sell crypto see signals in the market by big traders.

“We can build personas around big users in crypto,” he said. That could be from one or two addresses or from a whole set of linked addresses. “That means there is clearly a trader,” he said.

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