United States-based blockchain security firm CipherTrace has expanded its crypto intelligence platform to 700 tokens.
Tracing hundreds of ERC-20 tokens
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.
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.