ERC-20 Token

Chainalysis to Support 48 Cryptocurrencies by Year End

ERC-20 Tokens Support for several new ERC-20 tokens is available from this October onwards and will include Basic Attention Token, Dai, GoldX, Maker, OmiseGO, and 0x. Support for 23 additional cryptocurrencies including XRP, Dash, ZCash (unshielded), Doge, and Ethereum Classic, will be rolled out over the next three months. The 48 cryptos represent 90% of the trading volume.

The blockchain analysis company Chainalysis launched an on-demand compliance and investigations software for ERC-20 tokens, which aims to help businesses rapidly meet anti-money laundering/combating the financing of terrorism (AML/CFT) requirements for new ERC-20 tokens. The firm also plans to double the number of cryptocurrencies it supports by the end of the year.

Operationalizing the compliance process and providing full support within weeks of a customer’s request is Chainalysis’s way of serving the crypto ecosystem. Its cryptocurrency AML compliance solution is used by over 130 customers in 40 countries to screen transactions in real-time and receive alerts on suspicious activity.

Cryptocurrency businesses are being issued regulatory requirements to step up compliance procedures, which opens the door to Chainalysis’ technology that enables compliance teams to design a risk-based approach in handling issues such as money laundering and exposure to high-risk activities across multiple cryptocurrencies.

Jonathan Levin, Co-Founder and Chief Strategy Officer at Chainalysis, commented: “A robust compliance infrastructure is essential to underpin the growth of this rapidly expanding, global industry. By working closely with our customers and partners, we built a scalable platform that
enables us to support more cryptocurrencies at a higher velocity.”

Ethan Beard, SVP of Xpring, Ripple’s developer platform, said: “Chainalysis is the leader in blockchain analysis and compliance software. We are thrilled to partner with them to further promote the compliant use of XRP by exchanges, wallets, and financial institutions globally.”

Doron Rosenblum, Managing Director of eToroX, added: “Developing ERC-20 stablecoins tied to various financial assets is an important part of our strategy to bridge the gap between blockchain and the traditional financial markets. Chainalysis was able to quickly support this vision by developing the compliance technology we needed to safely and responsibly bring this strategy to life.”

The company also provides graphing support for these cryptocurrencies through its Chainalysis Reactor, which is used by law enforcement to investigate hacks and other illicit activity across multiple cryptocurrencies.