Chainalysis to add more cryptocurrencies to their blockchain investigation tool

Chainalysis was in the headlines couple of days ago having raised around $16 million dollars from investors.

You can think of Chainalysis as a blockchain detective. The New York-based firm is best known for its forensic tools that help law enforcement agencies track the movement of bitcoin, but it also helps financial financial firms keep tabs on who is using digital currencies.

Chainalysis is able to use statistical techniques to infer whether given transactions are likely to be tied to criminal activity.

Up until now, the company’s primary focus was bitcoin’s blockhain. However, they have announced they plan to add more cryptocurrencies to their analysis tool – Reactor. First on the list is bitcoin cash as the tool already started tracking and analysing transactions on this altcoin’s blockchain.

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By the end of the year, Chainalysis plan to add at least 10 cryptocurrencies to their investigation software.

The firm has been around since 2014 and aims to offer insights on how Bitcoin and other cryptocurrencies are used these days. Although not everyone is a big fan of blockchain analysis firms like this one, the company does provide valuable insights to ensure there is no illegal activity taking place with these cryptocurrencies.

They will be also launching a new feature called Know Your Transaction. This will enable the tool to provide a real-time feedback on the purpose of any analyzed transaction. This information is fed back into exchanges’ transaction processing engines. This will help create alerts for risky transactions, and can even speed up account reviews as well.

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