Chainalysis Expands Tracking to Ten Tokens
Looking at crypto news over the last few months one might have noticed that Chainalysis has raised quite a bit of money.
This includes the $6 million raised from the Mitsubishi UFJ Financial Group in April 2019 and the $30 million raised in February 2019 to open a new research Lab in London. With these fundraising efforts, it is not out of line to think that the blockchain analysis firm will be doubling-down its efforts.
This has been confirmed by an April 24, 2019, report that states that the firm is expanding its real-time transaction monitoring tools to cover a total of ten cryptocurrencies. As of now, four cryptocurrencies include gemini dollar (GUSD), tether (USDT), usd coin (USDC), and binance coin (BNB) have been added to the roster and can be observed by know-your-customer (KYC) users in real-time.
According to the report, this expansion was done in anticipation of global crypto regulatory guidance that will require blockchain-related firms to automate their transaction monitoring for all the cryptos that they support. In light of this, Chainalysis wishes to offer as broad a scope as possible for their clients.
“We have been investing for the last year to re-architect our entire platform to support multiple blockchains in the face of global regulation. Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption,” said Chainalysis co-founder and chief operating officer Jonathan Levin.
In the last year, the firm has also expanded its monitoring capabilities to include ether (ETH), bitcoin cash (BCH), litecoin (LTC), trueusd (TUSD), and paxos (PAX). It is not known as of now if more tokens will be added to the roster in the future.
One of the biggest hindrances to global crypto adoption so far has been the use of crypto transactions to commit fraudulent activities and it’s obvious that world powers at cracking down on such activities. While Chainalysis and other firms will likely adopt this, its long-term effects cannot be determined as of now.