Categories: Bitcoin Business

Chainalysis Moves Through the Ranks with New Forbes Listing

Click here to view original web page at www.livebitcoinnews.com

Blockchain company Chainalysis – which examines how people use cryptocurrency – is the first blockchain company of its kind to make Forbes’ billion-dollar startup list.

Chainalysis Has Really Made a Name for Itself

Chainalysis first entered the crypto scene roughly five years ago, though it made its official mark in the space back in 2016 when it discovered several million in BTC funds that were considered long gone following the Mt. Gox fiasco in Japan. The company ultimately found the coins and established itself as one of the leading companies designed to study and analyze blockchain trends and movements.

Founded by 29-year-old Jonathan Levin, the crypto entrepreneur accumulated over $8 million in revenue funds throughout 2018, but really hit the “big top” later with a funding round headed by companies such as Accel and Benchmark. Overall, the round garnered approximately $53 million for the company.

Levin comments:

We’re now helping banks understand how they can build programs to allow cryptocurrency businesses to access banking services, but also make sure there’s no illicit activity going on.

One of the primary ways Chainalysis has made a name for itself is in how it’s monitored the blockchain for criminal or illicit activity. This includes theft and purchases of illegal items made through black market websites. For the most part, many world leaders – including U.S. President Donald Trump – are worried about how blockchain and cryptocurrencies can attract illicit activity.

Chainalysis examines trading platforms like crypto exchanges and checks for patterns to potentially discover crime, but the company has also released tools that allow modern banks and other financial institutions of a more traditional sense comply with present-day regulatory requirements. Many of these banks have sought to either create cryptocurrencies of their own or open cryptocurrency accounts for their customers, and Chainalysis allows these companies to potentially uncover the sources of crypto and bitcoin payments.

Unfortunately, no one remains at the top forever, and while Chainalysis is one of the original blockchain companies devoted to fighting crypto crime, many other ventures have entered the mix with competition on their minds. Among these companies include Cipher Trace, Elliptic and Crystal, which monitor illicit blockchain activity and seek to bring security to cryptocurrency platforms.

What Do Banking Companies Need?

Still, however, Chainalysis has managed to retain its level of trust within the industry, and major platforms like Barclay’s utilize its services to discover and verify new cryptocurrency firms. Levin comments:

We are spending a lot more time thinking about how corporations, social networks and financial institutions are going to be able to safely enter the space.

One can only imagine the field day the company will have once Facebook’s Libra is ready and available for use next year. At press time, the cryptocurrency is undergoing a harsh grilling by Senate members who are looking to better understand its properties, ideals and abilities to secure users’ data.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

G7 To Investigate Bitcoin{BTC} And Other CryptoCurrencies

Source: Wikimedia The G7 meets next week to investigate regulations for Bitcoin and other cryptocurrencies. G7 To Discuss Bitcoin Next… Read More

47 mins ago

US Treasury Blackballs Bitcoin Addresses of Chinese Drug Kingpins

The US Treasury is blacklisting specific bitcoin addresses related to Chinese druglords. | Source: Shutterstock By CCN Markets : The… Read More

48 mins ago

Modex: How blockchain can solve the fake news problem

LONDON, UK - Media OutReach - 22 August 2019 -When Satoshi Nakamoto solved the Byzantine General's problem in 2008 by… Read More

48 mins ago

Unlocking the future of blockchain innovation with privacy-preserving technologies

The origins of blockchain as many are familiar with it today can be traced back to the Bitcoin whitepaper ,… Read More

48 mins ago

Maerki Baumann Why a Swiss private bank is embracing blockchain

Maerki Baumann decided it could not sit still and hope for the best. At a time of increasing pressure on… Read More

48 mins ago

World Bank picks up millions in latest blockchain bond move

In August of last year, the World Bank and the Commonwealth Bank of Australia (CBA) announced a new bond alternative… Read More

48 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More