On April 24, Reuters reported that the New York-based Chainalysis firm specializing in monitoring blockchains has expanded its real-time transaction monitoring tools to cover a total of 10 cryptocurrencies.
Chainalysis is one of the most influential players in the blockchain exploration industry, providing technologies such as the patented Know Your Transaction tool KYT, which allows firms, governments and law enforcement to track the flow of cryptocurrencies on the blockchain and track illegal transactions, helping to uncover money laundering or financing of terrorism.
The firm reportedly issued a statement saying that its expanded monitoring tools are ahead of the expected global cryptocurrency regulation guidelines, which would require firms such as cryptocurrencies and financial institutions to automate the monitoring of blockchain transactions for their cryptocurrencies.
To date, KYT users can observe four additional capital currencies — three stable coins, a dollar (GUSD), Tether (USDT) and Usd (USDC), as well as a native crypto-exchange Binance token, BNB. in real time
During the past year, the company went beyond its initial Bitcoin Monitoring (BTC) capabilities and deployed KYT support for Ethereal (ETH), Bitcoin Cache (BCH), and Lightcoin (LTC).
In an interview with Reuters, co-founder and chief operating officer of Chainalysis, Jonathan Levin, stated that:
“During the past year, we invested in the reorganization of our entire platform to support several blockchains under global regulation. Global regulation of the cryptocurrency industry is inevitable for this truly unlimited financial system to achieve mass adoption. ”
As previously reported, Chainalysis released an official statement in March, explaining that it does not collect or sell personal data of users when it provides its services for crypto exchangers.
The statement was made in response to allegations that blockchain intelligence companies could distribute user data to their customers, which surfaced in the midst of a community reaction to Coinbase’s controversial acquisition of Neutrino, an analytical company.