The company seeks to serve the users of four other cryptoactives: Tether (USDT), Gemini Dollar (GUSD), USD Coin (USDC), and the Binance Coin token (BNB)
With the appearance of new cryptocurrencies after the birth of Bitcoin, different wallets have been created, ATMs, but also monitoring systems that increasingly adopt more cryptoactive to respond to the users who prefer one cryptoactive or another.
The developments and monitoring work continue. For that reason, Chainalysis, the blockchain firm located in New York, United States, decided to expand its real-time transaction monitoring tools to cover a total of 10 cryptocurrencies, according to what the Reuters news agency reported on April 24th.
Chainalysis is a qualified company with the highest profile in the blockchain intelligence industry. One of the peculiarities it provides in terms of innovative technology is its patented tool Know Your Transaction (KYT), which allows companies, governments, and law enforcement agencies to track the flow of cryptocurrencies that are registered on the blockchain platform.
In addition, with Chainalysis, suspicions of illicit transactions can be traced, helping to uncover money laundering or terrorist financing. In order to make it possible, at the end of 2018 Chainalysis partnered with the Binance global exchange.
Recently, the firm issued a statement in which it emphasizes that expanding its monitoring tools is a step towards the global cryptocurrency regulatory guide. This regulatory guide, that some users expect, would request companies such as cryptocurrency exchanges and financial institutions to automate the monitoring process of blockchain transactions with their respective cryptocurrencies.
From now on, KYT users can monitor four more cryptocurrencies in real time, including three stablecoins, Tether (USDT), Gemini Dollar (GUSD) and USD Coin (USDC), as well as the Binance Coin token (BNB).
Initially, the company monitored bitcoins (BTC), but last year this company started monitoring with the support of KYT for Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Trueusd (TUSD) and standard Paxos (PA).
“We have been investing over the last year to redesign our entire platform. We want it to be compatible with multiple blockchains, to face global regulation. The global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve a generalized adoption”, the Director of Operations and Co-founder of Chainalysis, Jonathan Levin, says.
Accusation against Chainalysis
Chainalysis issued an official statement in March of this year to clarify that when it provides its services to cryptocurrency exchanges it does not collect or sell personal data of the users who conducted the transactions.
This statement was made after other blockchain intelligence firms accused Chainalysis of circulating their clients’ data. These rumors emerged after Coinbase acquired the blockchain analysis firm Neutrino. Elliptic, a blockchain analysis firm based in London that provides technology to Coinbase, denied these allegations.
In February, Chainalysis raised USD 30 million in a Series B financing round led by the capital risk giant Accel. In addition, this month it got another USD 6 million for the round of the main Japanese investors Mitsubishi UFJ Financial Group and the capital risk firm Sozo Ventures. Chainalysis’ interest in crypto investments continues, as well as the expansion of the tools it offers.
By María Victoria Rodríguez