CipherTrace’s Blockchain Analytics Service Now Covers 700 Cryptocurrencies

The transactions of more than 700 digital currencies are now accessible through the blockchain analytics offering from CipherTrace.

That implies over 87 percent of the top 100 digital currencies by volume would now be able to be traced through the API administration, the firm said October 15.

Supported by outstanding companies like Galaxy Digital, CipherTrace has most recently been associated with the push towards addressing administrative guidance given by the Financial Action Task Force in June.

With around 522 million information attribution points, CipherTrace states its platform is remarkably arranged to handle real-world applications such as terrorist financing.

“Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring,” CipherTrace CEO Dave Jevans stated in an announcement.

Giving a view into this data is imperative for the fate of the business, Jevans contended, saying:

“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.”

The total financial transaction histories of top digital currencies by market capitalization like ethereum, litecoin, and bitcoin cash have turned out to be accessible with the update. Support for smart contracts and ERC-20 tokens has also been included, such as transaction and counterparty data, CipherTrace stated.

Through features like transaction alerts for flagged accounts, CipherTrace is advertising its product to government and law enforcement offices, along with crypto and blockchain companies that try to line up with progressively strict global principles.