Chainalysis is a US-based start-up that aims to build trust in blockchain by implementing its Blockchain Intelligence Platform software with Financial Institutions, Cryptocurrency Exchanges, and even the Government.
On 24th April 2019, the firm announced the addition of four new cryptocurrencies to its Know Your Transaction (KYT) initiative, the firms anti-money laundering service. Those are Binance (BNB) coin, Gemini Dollar, USD coin, and USD Tether. The cryptocurrencies already supported by the project are Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC], and True USD and Paxos.
According to their website,
“Evidence from Chainalysis has been used successfully in court cases worldwide.”
Chainalysis has received about $36 million in funding this year from Japanese financial group Mitsubishi UFJ Financial Group Inc and venture capital firm Sozo Ventures and Benchmark Group in February 2019.
Furthremore, Chainalysis aims to serve its clients which includes Governments and Law officials to allow for the implementation of global regulations in the world.
Jonathan Levin, co-founder and chief operating officer of Chainalysis, told Reuters in an interview.
“We have been investing for the last year to re-architect our entire platform to support multiple blockchains in the face of global regulation.” He added, “Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption.”
Chainalysis’s intelligence platform can help track cyber crime accused through their surveillance mechanism. Moreover, they also provide a secure platform for KYC and AML verification for the Cryptocurrency Exchanges and Financial Institutions.
While privacy-centric people have raised voices against global surveillance, Chainalysis’s inclusion in the cryptocurrency markets is imperative for Government and other even low enforcers to have a third party independent source for verification and tracking of transactions.
Which other coins do you think will be added to Chainalysis’s KYT? Do you think Governments all over the world will support the initiative? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com