Chainalysis aims to make crypto exchanges more transparent with Kryptos
Blockchain analysis firm Chainalysis has unveiled Kryptos, software designed to help financial institutions remain complaint and better understand crypto. Blockchain analysis firm Chainalysis yesterday unveiled a new software product aimed at helping financial professionals and institutional clients make better decisions on crypto investments. The firm’s new platform, called Kryptos, […]
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Blockchain analysis firm Chainalysis has unveiled Kryptos, software designed to help financial institutions remain complaint and better understand crypto.
The firm’s new platform, called Kryptos, will allow Chainalysis clients to take a peek under the hoods of the world’s leading cryptocurrency exchanges and examine (some of) their business operations.
Kryptos users will be able to see, for example, where these companies operate and where they’re stationed; which coins or tokens they support, and which counterparties have been involved in recent transactions. Kryptos is now undergoing beta testing and will be released to the public early next year, according to the company.
The goal, according to Chainalysis, is to help financial institutions better understand the risks involved with cryptocurrency trading and operations, while also being able to provide banking services to businesses involved in blockchain. It’s a move that the firm hopes will strengthen the legitimacy of the crypto market and improve its mainstream appeal.
Michael Gronager—co-founder and CEO of Chainalysis—explained in a statement that Kryptos is an opportunity for some of the largest digital currency companies to better understand what their customers are looking for and how to remain compliant with current regulations.
“We’re focused on breaking down the barriers,” he said. “Finally, financial institutions can access the transparency they need to fulfill their compliance responsibilities, meet customer demand and seize the market opportunity they already believe in.”
Chainalysis seeks to prevent financial fraud and money laundering by offering compliance software to government bodies, banks and related enterprises. In an analysis of the crypto industry last week, Chainalysis suggested in a piece first reported by Bloomberg that trust in the digital currency space has grown significantly since 2018—a time when crypto services were in serious decline thanks to the burst of the “Bitcoin bubble.”