Chainalysis Updates: A New Era of Compliance
Blockchain analytics company Chainalysis has taken a significant leap forward with the launch of its on-demand compliance and investigations software, tailored specifically for Ethereum-based ERC-20 tokens. As of October 3, their Know Your Transaction (KYT) tool extends support to a variety of tokens, including Basic Attention Token (BAT), DAI, and several others that have made a name in the crypto market.
What’s New in the KYT Toolbox?
With this new update, Chainalysis is not only bolstering its existing offerings but also setting its sights on a broader range of cryptocurrencies. Plans are underway to support an additional 23 cryptocurrencies, such as XRP, Dogecoin (DOGE), and even the often-controversial unshielded ZCash (ZEC), within the next few months.
Real-Time Alerts: A Game Changer
The KYT tool has gained traction, already utilized by over 130 customers spread across 40 countries. Why the buzz? It’s simple: real-time transaction screening with timely alerts on suspicious activities. This feature aims to assist businesses in aligning with anti-money laundering (AML) and combating the financing of terrorism (CFT) mandates. Talk about playing it safe!
Bridging Blockchain and Traditional Markets
Doron Rosenblum, Managing Director of crypto exchange eToroX, emphasized the significance of developing ERC-20 stablecoins alongside financial assets. This effort is pivotal in fostering a bridge between blockchain innovations and age-old traditional financial systems. The key takeaway? The world of finance is leveling up, so keep your helmets on!
The Road Ahead for Chainalysis
First unveiled in August, Chainalysis’s KYT service originally catered to 15 major cryptocurrencies. Fast forward to now, and they’re not only expanding their roster but also claiming to be the first solution to offer comprehensive compatibility with a diverse range of digital assets. With ambitions to double their cryptocurrency support by the end of 2019, the question remains: how many tokens can one company manage without losing count?
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