Chainalysis Launches ‘Market Intel’ for Cryptocurrency Insights

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term intelligence platform Chainalysis has launched a new data-driven portal that offers comprehensive tracking of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term worldwide under the 'Market Intel' brand name.

Leveraging its various data repositories, the new website, which caters to asset managers and regulators, will be publishing live data and insights on cryptocurrency use, and "the health and growth of cryptocurrency markets."

Chainalysis's team of data scientists and programmers are leveraging a wide range of quantitative data sources, including cryptocurrency exchanges and blockchain data sources, to clarify and present the view of the cryptocurrency and blockchain ecosystem.

Chainalysis' compliance software can help both crypto firms and law enforcement agencies detect suspicious activity in order to battle any related criminal activity. It uses pattern recognition, algorithms, and millions of open source references to "identify and categorize thousands of cryptocurrency services to raise live alerts on transactions involved in suspicious activity," the company says.

The company says it believes that providing data insights into cryptocurrency activity will help government agencies, exchanges, and financial institutions to fuel the industry's growth.

"Chainalysis was founded on the belief that financial institutions and governments need a trusted data platform to become comfortable with cryptocurrency and ultimately enable its mainstream adoption. By providing metrics and context for cryptocurrency activity, we're empowering asset managers and regulators to leverage the transparency of blockchains to make data-driven decisions about why and how to invest in cryptocurrencies and ensure the markets function safely and efficiently," said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis.

"Cryptocurrency is poised to become a mainstream asset class, but asset managers and regulators need data and insight into what's actually happening in the markets to meaningfully invest and effectively oversee the space," said Philip Gradwell, Chief Economist, Chainalysis.

Chainalysis has recently raised an additional $13 million to expand the company's Series B round to $49 million. Behind the latest cash injection were Ribbit Capital and Sound Ventures. It has initially nabbed a $30 million investment in February 2019, led by venture firm Accel, a growth-stage venture capital firm, then raised a further $6 million from two major Japanese investors in April.

The 75-person startup, which has offices in New York, Washington DC, and Copenhagen, provides financial institutions, cryptocurrency exchanges, and law enforcement with a platform to detect and investigate cryptocurrency money laundering, fraud, and compliance violations.

Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.

"There is a clear gap when it comes to robust institutional grade data analysis and market insights. In a recent survey of institutional investors, Fidelity Digital Assets found that the third-ranked obstacle to investment, after price volatility and market manipulation concerns, is a lack of data to provide insight into the health and growth of digital assets and networks," said Chris Tyrer, Head of Fidelity Digital Assets Europe.