Coinalytics has released its API, branded as Blockstem, allowing users to more easily query the blockchain and uncover hidden relationships.
Coinalytics is a startup creating tools to gain deep, sophisticated insights into blockchain data. It has taken a focus on fraud detection and compliance, reportedly garnering the interest of several companies looking to use its tools.
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Coinalytics was one of five bitcoin companies to be accepted into 500 Startups’ incubator program last year, securing funding of $100,000. Having only recently graduated from the program, the launch is being touted as a significant milestone. Said Fabio Federici, co-founder and CEO, on the API release:
“Blockstem is the culmination of a ton of back-end work to build a robust and powerful platform. After our time in 500 Startups, we knew we could build the best blockchain data API in the world for the Bitcoin industry, and we believe we have accomplished that.”
Federici added that blockchain is the “most powerful data set” he has ever seen, and therefore, his startup is determined to turn such data into actionable insights.