Chainalysis CEO Quiets The Crypto Crowd With Latest Tether (USDT) Blockchain Audit Feedback

Chainalysis CEO Praises Tether’s Transparency And Raises $30 Million

The blockchain analysis startup Chainalysis raised $30 million during a Series B funding round. In a recent interview with Fortune, the CEO of the company, Michael Gronager, talked about the importance of stablecoins in the virtual currency industry.

Stablecoins are virtual currencies that have a value that does not fluctuate as much as other cryptocurrencies. One of the most popular ways to do it is by pegging it to a specific fiat currency such as the US dollar or Euro.

The most known and largest stablecoin in the market is Tether (USDT). However, this digital asset has been placed under scrutiny several times due to the way in which they handled their dollar reserves or how the coin was used to ‘manipulate’ Bitcoin’s price.

Back in April 2018, the company raised $16 million in a Series A funding round. The company was able to create software that is able to monitor Bitcoin transactions. At the same time, they have added support for other virtual currencies. However, there are some coins such as Monero (XMR) or ZCash (ZEC) that have enhanced privacy and cannot be tracked.

The product that they have created helps more than 100 financial institutions and cryptocurrency exchanges. WIth the funds gathered, they will be able to open a London office for Research and Development. Additionally, Philippe Botteri, a partner at Accel, will be joining the company’s board of directors. The intention is to also help clients vet transactions related to stablecoins.

Gronager explained that stablecoins became a source of momentum for the crypto industry. During the last year, virtual currencies have fallen from their all-time highs more than 80% or 90% in some cases.

Gronager commented about it:

“Born out of the ashes of this was the stablecoin as another way to easily and safely create tokens. This ability to trade U.S. dollars against crypto is very powerful.”

The CEO of Chainalysis said that they have confidence in the most popular stablecoin in the world. He mentioned that Tether has a “quite good” transparency and that there are no signs that could raise alarms about it.

According to the company, there is more than 4 million Bitcoin lost forever. That means that Bitcoin’s real supply is currently 17 million BTC around 20% less than is real potential supply.

There are many other stablecoins in the market, not only Tether. One of them is the USD Coin (USDC) that was launched by Circle with the intention to provide a new solution for traders and individuals that want to protect their investments against the volatility of virtual currencies.

Other stablecoins are Paxos Standard (PAX), TrueUSD (TUSD) or Gemini USD (GUSD).

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 13th)

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Alibaba Founder Jack Ma: Digital Currencies are the Future of Financial System

Alibaba Group founder Jack Ma talked about digital currencies, potentially playing an important role in building the financial system of the future. Ma at...

Kanye West and Kevin Hart Gives Bitcoin (BTC) a Shout Out

Over the weekend, Bitcoin got a shout out from two celebrities. The first one came from Kanye West, who appeared on Joe Rogan’s popular podcast...

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when...

DeFi Harvest Finance Total Value Locked Halves & FARM Tanks Following ‘Economic Attack'

Another day, another DeFi exploit. It was last week that the less than two-month-old Harvest Finance saw its total value locked (TVL) surge to $1.175...

Crypto Market Sentiments Do A 180; From Fear to ‘Borderline Euphoric' Following Bitcoin Rally

Since surging last week to hit $13,000, Bitcoin has been keeping around this level. More importantly, over the weekend, Bitcoin made its first close above...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today