Bitcoin Global News (BGN)
April 24, 2019 -- ADVFN Crypto NewsWire -- 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