Chainalysis Adds Transaction Monitoring Support For 4 Cryptos

Chainalysis, which is a blockchain compliance startup, has just added new support. Basically, it has something to do with its real-time transaction monitoring tool, which will now cover four more digital currencies. Here is everything about it in a nutshell.

Cultivating Automated Solutions

The newly-supported cryptos are the native token of Binance called Binance coin (BNB) and three stablecoins. The latter, in particular, are Circle’s USD Coin (USDC), Tether, and Gemini dollar (GUSD).

According to Michael Breu, the chief compliance officer of cryptocurrency exchange Gemine, the move is part of being a New York Trust company. As such, they are required to perform monitoring of all transactions on their platform, both onto and off of.  Breu added that through automated solutions offered by Chainalysis, they are more than capable of fulfilling their regulatory responsibilities.

The additions also mean that the blockchain compliance company’s anti-money laundering compliance solution called Chainalysis KYT (Know Your Transaction) is now capable of supporting at least 10 digital currencies. It is worth noting that before this update, the solution is already capable of covering six cryptos. These are Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), stable coins Paxos Standard (PAX) and TrustToken’s TrueUSD, as well as the world’s leading digital currency Bitcoin (BTC).

The support of addition cryptos comes in the anticipation of regulatory guidance, which is courtesy of the Financial Action Task Force (FATF). The latter, by essence, is a global money-laundering watchdog that helps in providing clarity when it comes to how digital currencies should be regulated over at least 180 countries.

Introducing ‘Pragmatic’ Recommendations

In an interview, Jonathan Levin, the co-founder and chief operating officer of Chainalysis, said that the company is prepared to equip businesses with the much-needed automated transaction monitoring specifically designed for currencies beyond BTC. Levin added that they are hoping that through the launch of these varieties of currency functionalities they can help shape FATF guidance. At the same time, they are looking at the possibility of moving away from “technically infeasible solutions” to more “pragmatic,” efficient recommendations.

It is worth noting that the startup intentionally built its technology in a way that it would scale and support more blockchains. And through this move, it will be more than capable of adding new cryptos in a faster manner. Furthermore, its blockchain investigation tool called Chainalysis Reactor is able to support the same count of cryptos.