Blockchain and virtual assets have gained unprecedented attention in 2020 from consumers, businesses and also regulatory authorities worldwide. As the industry enjoys exponential growth, there is also a burgeoning demand for research, analytics and data from firms such as Chainalysis or CipherTrace. Chainalysis in particular is taking a leading role in providing transparency and information to regulators in the US for example, in times when clarity in crypto regulations is more important than ever before.
Chainalysis saw a 65% increase in customers and 100% growth in recurring revenue YoY in Q3 this year. This comes as no surprise, considering Chainalysis’ increasingly involved role in assisting on financial crime investigations that utilize the medium of digital assets, such as in money laundering.
The firm is popular with the US government agencies, including the Internal Revenue Service (IRS), which recently entered a contract with Chainalysis to track privacy coins such as monero (MNR). That decision has been a controversial one, considering that the arrangement goes against the very existence of privacy coins, which promises to provide unparalleled anonymity to privacy coin holders.
Chainalysis has been mass-hiring the necessary talent to further the development and growth of the firm.
“Chainalysis builds trust and brings legitimacy to the future of finance. When law enforcement and regulators become comfortable with digital assets, exchanges are able to grow and financial institutions can enter the ecosystem to safely and responsibly capitalize on this growing asset class. I’m excited about the top talent we are bringing on to prepare the company for the next wave of cryptocurrency adoption,” ” said CEO and co-founder Michael Gronager.
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