In a post published on its official blog on April 24, the New York-based blockchain firm announced that it is expanding monitoring tools and the scope of its Chainalysis Reactor and Chainalysis KYT (Know Your Transaction) analytics tools.
Chainalysis is a high-profile blockchain intelligence firm which provides various technologies that help organizations monitor the flow of cryptocurrencies on multiple blockchains and track any transaction suspected to be in connection with terrorist financing and money laundering efforts.
With the new release, Chainalysis users can simply enter the name of a service into any of its analytics platforms (Reactor or KYT) and see its connection with the ten digital assets supported. The post reads:
You can now enter the name of any service in Reactor and see it represented across all supported cryptocurrencies. Once added to a graph, flows between addresses are mapped using an intuitive user interface overlaid with context from on and off the blockchain. KYT customers can monitor their organization’s total risk exposure across all supported currencies.
The firm’s notice points out that the digital assets supported by the Reactor include traditional crypto assets Bitcoin (BTC), Ether (ETH), Paxos Standard (PAX), Litecoin (LTC), True USD (TUSD), and Binance Coin (BNB), as well as stablecoin Gemini Dollar (GUSD), Tether (USDT), and USD Coin (USDC). The announcement also confirmed that Chainalysis is working on adding more currencies within the next few months. In part, the company said, “We’ve identified thousands of real-world services including the top exchanges, merchant providers, darknet markets, and scams. Our team makes hundreds of new identifications every month, increasing data coverage by millions of new addresses.”
Anticipating future needs
According to a related report on news platform Reuters, the expansion of the company’s monitoring tools are reportedly in anticipation of global cryptocurrency regulatory guidance, which might request that crypto-based firms should automate their process of monitoring transactions on the crypto assets that they support going forward.
Citing Chainalysis co-founder and Chief Operating Officer Jonathan Levin, Reuters reported that the mainstream adoption of all types of digital assets would depend mainly on their ability to gain global regulation. As central governing bodies don’t control most digital assets, it is necessary to have a way of tracking transactions as they are conducted to curb any trafficking and terrorist financing efforts. Chainalysis is looking to get ahead of that curve, and hopefully, provide an incentive for global regulation.
About The Author
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.