In a world of increasing regulation and state paranoia over money laundering or terrorism, the ability to trace the movements of crypto assets has become more relevant than ever before. Crypto intelligence firm CipherTrace has announced the industry’s most comprehensive virtual asset tracing capability which may alleviate some of that mistrust of the industry.
700 Crypto Tokens Can Be Traced
According to Business Wire the Silicon Valley, California, based company has expanded its cryptocurrency intelligence platform to include the industry’s most comprehensive virtual asset tracing capability for over 700 tokens.
It further claims that over 87 percent of the volume of the top 100 cryptocurrencies can now be tracked by its clients. The company employs advanced proprietary algorithms to delve deeper into previously inaccessible blockchain information.
The report added that CipherTrace has 522 million attribution data points such as account type, account holders, contract types, contract owners, and other metadata on cryptocurrency addresses. Dave Jevans, CEO of CipherTrace, stated;
Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance.
Governments, especially the US, appear to be extremely paranoid over the use of digital assets. The primary concern appears to be tax avoidance but there is also a tiny sliver of crypto that may be used to fund nefarious activities such as narcotics trading or even terrorism financing. Naturally these will get blown out of proportion by politicians that and anti-crypto agendas. Jevans continued;
Until now, large swaths of the crypto currency ecosystem have remained opaque to AML and CTF monitoring. By delivering the most comprehensive cryptocurrency intelligence, we are helping to create a multi-trillion-dollar global crypto economy.
Company CTO, Shannon Holland, added that it has been a long haul or intense work and technological breakthroughs over the last four years, in addition to collaboration with regulators and financial investigators.
Company clients will now have the capability to explore complete BTC, BCH, ETH, ERC-20, LTC and USDT addresses and view extensive details via the CipherTrace API. The platform also allows the exploration of ERC-20 transactions and the in-depth research of smart contracts.
Head of financial investigations, Pamela Clegg, said that Bitcoin takes center stage due to its liquidity but billions of dollars flow through altcoins every day, before adding;
To close cryptocurrency money laundering gaps, we must expose more of the true number of illicit transactions that occur across the entire ecosystem. This platform expansion does just that by providing regulators, exchanges, and investors visibility into more than 87 percent of the virtual asset market trading volume.
It is hoped that innovative services such as these may ease the angst that many governments still fester over this embryonic industry.
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