CipherTrace Beefs Up Blockchain Analytics; 700 Crypto’s Covered Including BCH, ETH, LTC, And USDt
It’s a good day for the cryptocurrency industry. Ciphertrace had announced that over 700 forms of cryptocurrency are now searchable via CipherTrace’s blockchain analytics offering.
CipherTrace now has access to over 87% of the 100 highest volume trading cryptocurrencies through their API services, allowing them to trace their transactions.
CipherTrace tries to address a fundamental problem in cryptocurrencies, and they are backed by large firms like Galaxy Digital to do just that. Recently, they were involved in the push for regulatory guidance that started by the Financial Task Force, back in June. This Task Force was set out to try and curb the massive potential for money laundering that’s possible with cryptocurrencies.
Dave Jevans, Chief Executive Officer of CipherTrace, released a statement commenting about it. He said that until recently, large segments of the cryptocurrency industry had been rendered opaque to things like AML or the CTF. He argued that providing a view to this data is paramount. It will rid the virtual assets of criminals and terrorists, and help achieve the trust needed for widespread adoption and acceptance of the world’s governments.
With the new update they’re rolling in, a complete set of financial transaction histories will be available of top cryptocurrencies. Things like Ethereum, Litecoin and Bitcoin Cash will now be available for investigation. Support for smart contracts and ERC-20 tokens have been added, with transaction and counterparty information as well.
These features will allow transaction alerts for flagged accounts, and Ciphertrace is making full use of that in its marketing scheme. They’re trying to sell their products to crypto and blockchain firms as well as governments and law enforcement agencies.
The “Wild West” is ending
This marks one of the many steps taken across the globe to try and regulate this new form of finance. Many will balk at this movement, especially the so-called Bitcoin Maximalists that prioritize anonymity above all. However, one must be aware that it’s not only the natural next step, but it’s also unavoidable. The invention of something, anything, will lead to an inflow of chaotic traffic before large bodies enact regulations for safety. The effects and length of time of this are entirely dependent on the thing that was invented. Cryptocurrencies are a heavy-duty example of that move.
One shouldn’t shout defiance at the ocean, because the tide will come regardless. Rules are made for a reason. Governments were established to uphold the “moral code” of their respective countries. Now, that didn’t exactly happen in many countries, the most obvious being South Korea, but the system is a system that works. There will be a new system for cryptocurrencies. It will not be perfect, but it will be better than anarchy.