With the expanded platform launched on Oct. 15, CipherTrace now allows clients to trace more than 87% of the transactional volume of the top 100 cryptos such as Ether (ETH), Tether (USDT), Bitcoin Cash (BCH) and Litecoin (LTC), the firm said in a press release.
United States-based blockchain security firm CipherTrace has expanded its crypto intelligence platform to 700 tokens.
Tracing hundreds of ERC-20 tokens
CipherTrace’s increased monitoring support also includes the capability of tracing several hundred ERC-20 tokens, the company added.
CipherTrace has not specified to Cointelegraph which cryptocurrencies will not be supported on the platform at publishing time. This piece will be updated with comments when they are available.
The expanded capabilities are included in the latest CipherTrace Cryptocurrency Intelligence platform and are available to end users immediately via CipherTrace API for automated monitoring.
Users and financial investigators will be able to trace crypto addresses and access data on transactions, wallets, exchanges and smart contracts.
Creating a “multitrillion-dollar global crypto economy”
CipherTrace CEO Dave Jevans emphasized that the newly expanded product intends to help virtual asset service providers in combating criminals and terrorists to achieve the level of trust required for mass adoption and regulatory acceptance.
He claimed that the addition of 700 coins will help create a “multitrillion-dollar global crypto economy.”
Shannon Holland, CTO at CipherTrace, emphasized that the new addition has required technological breakthroughs over the last four years as well as close collaboration with regulators and financial investigators. He said:
“We can now discern and automatically verify previously unfathomable amounts of blockchain data and characterize it with a high level of confidence. We will continue to add more tokens, stablecoins, and blockchains in the coming months.”
As reported in March 2019, CipherTrace was appointed by the Malta Financial Services Authority (MFSA) to monitor crypto businesses’ activity in Malta to help combat money laundering and financing terrorism risks.
The United States-based company reported in August that cybercriminals have netted $4.3 billion from digital currency exchanges, investors and users in 2019.
CipherTrace’s Blockchain Forensics Service Now Covers 700 Crypto Assets
The transactions of over 700 cryptocurrencies are now searchable via the blockchain analytics offering from CipherTrace.
That means more than 87 percent of the top 100 cryptocurrencies by volume can now be traced through the API service, the company said Tuesday.
Backed by notable firms like Galaxy Digital, CipherTrace has most recently been involved in the push towards addressing regulatory guidance issued by the Financial Action Task Force in June.
With some 522 million data attribution points, CipherTrace says its platform is uniquely situated to tackle real-world applications like terrorist financing.
“Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring”, CipherTrace CEO Dave Jevans said in a statement.
Providing a view into this data is vital for the future of the industry, Jevans argued, 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.”
With the update, the complete financial transaction histories of top cryptocurrencies by market cap such as ethereum, litecoin, and bitcoin cash have become available. Support for ERC-20 tokens and smart contracts has also been added, including transaction and counterparty information, CipherTrace said.
Through features such as transaction alerts for flagged accounts, CipherTrace is marketing its product to government and law enforcement agencies, as well as crypto and blockchain firms that seek to align with increasingly tough international rules.
ChromaWay Expands Effort to Put Latin American Land Records on the Blockchain
Swedish startup ChromaWay is expanding a project aimed to make land ownership more transparent by putting records on a blockchain.With the launch of its LAC PropertyChain initiative, announced on Tuesday, the company hopes to strengthen blockchain standards, governance and protocols for land transactions in Bolivia, Peru and Paraguay.
The initiative complements the LACChain initiative, a consortium of institutions across Latin America and the Caribbean aligned with the Washington, D.C.-based Inter-American Development Bank (IDB).
The advance also marks the second phase of a land registry project, which began in 2019 and is funded by the IDB. The project focuses on smart contract-based conveyancing solutions and storing collected data on a blockchain.
For the effort, ChromaWay has teamed up with a number of regional departments including Peru’s National Land Registry (SUNDAR), Paraguay’s Supreme Court of Justice Property Records and Bolivia’s National Public Registry (DDRR), to name but some of the agencies. Four regional governments in Peru are also participating.
“We are very enthusiastic about the pilot and the opportunity that the IDB initiative gives us to experiment with blockchain technology to streamline processes, further improving data security, and strengthening the transparency of land transactions,» said Manuel Augusto Montes Boza, the national superintendent of SUNARP, Peru’s public registries department.
The project will utilize ChromaWay’s different open-source blockchain-related technologies, including a public platform for decentralized applications, Chromia, and its smart contract language, RELL.
«ChromaWay technologies have matured immensely since our initial work with property transactions in Sweden more than four years ago,» ChromaWay CEO Henrik Hjelte said in a press release.