By now, it’s likely that you have heard of Chainalysis, especially since it is essentially the most powerful firm in the blockchain analytics space. If the firm’s utility is not clear to you at this point, picture a company that specializes in providing real-time data on different blockchains to large companies.
When Chainalysis began its’ efforts in 2015, the only blockchain that they focused on was Bitcoin’s, especially since it was essentially the only powerful crypto project around back then. Now, as of today, they’ve expanded from supporting six cryptocurrencies, to supporting ten cryptocurrencies.
What may be most interesting about this expansion for the average crypto investor is both what types of currencies these new four options are, as well as their specific names. According to Coindesk, these projects are: Binance Coin, Tether, Gemini Dollar, and Circle’s USD Coin. Therefore, this means that for the first time in history, Chainalysis will be offering real-time “transaction monitoring tools” for a major exchange’s coin. Furthermore, it’s also striking that they have chosen to support Tether, due to the controversy that still surrounds the project.
Even so, back in March, Tether inked a new partnership with the also-controversial Tron network in order to issue the first major stablecoin, based on the TRC-20, instead of the ERC-20 standard. Since, as of yesterday, Tron began to issue its’ new version Tether, it will be interesting to see if Chainalysis can shed any light on its’ reserves, which is an issue that has never been solved in the coin’s history.
On top of this, if we then circle back to Binance Coin, perhaps the tools that Chainalysis has will be able to illuminate just how much utility BNB has, based on traditional financial indicators. However these matters shake out, since Chainalysis plans to expand even further, perhaps they will scale up to being crypto’s leader in transaction monitoring for the long-term. Since the key details of their tools are largely private, most investors will have to rely on third-party reports to keep up with this saga of events.
By: BGN Editorial Staff