Chainalysis is one of the highest-profile players in the blockchain intelligence industry, providing technology — such as its proprietary KYT (Know Your Transaction) tool — that enables firms, governments and law enforcement agencies to track the flow of cryptocurrencies on the blockchain and track suspected illicit transactions, helping to uncover money laundering or terrorism financing.
The firm has reportedly issued a statement outlining that its expanded monitoring tools come ahead of expected global crypto regulatory guidance that will request that firms such as crypto exchanges and financial institutions automate the monitoring of blockchain transactions for the cryptocurrencies they support.
As of today, four further cryptos — three stablecoins, gemini dollar (GUSD), tether (USDT) and usd coin (USDC), as well as crypto exchange Binance’s native token, binance coin (BNB) — can be observed by KYT users in real time.
Over the course of the past year, the company had expanded beyond its original bitcoin (BTC) monitoring capabilities and rolled out KYT support for ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), trueusd (TUSD), and Paxos standard (PAX), Reuters notes.
In an interview with Reuters, Chainalysis co-founder and chief operating officer Jonathan Levin stated that:
“We have been investing for the last year to re-architect our entire platform to support multiple blockchains in the face of global regulation. Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption.”