Chainalysis' Krytpos software to help financial players mitigate risks in crypto space
Chainalysis is currently developing the Krytpos software in order to bring transparency into cryptocurrency markets and players, helping financial institutions to better understand their current risk exposure and provide banking services to cryptocurrency
Wed, 13 Nov 2019, 08:28 am UTC
Since blockchain and cryptocurrency entered the global stage, financial institutions have been curious enough to investigate the nascent technologies, determining how it can be leveraged in their respective businesses. However, actually joining the crypto space has been difficult for these curious players since the industry is rife with illegal activities and regulators are imposing stifling restrictions on it.
To alleviate this problem, blockchain analysis company Chainalysis is currently developing a software that would provide institutional players insights on how to calculate the risks involved in the budding market. Data on the software is built upon the reference data standard that’s already proven itself to government sectors and businesses operating in the crypto space.
With the help of this product, institutions can make educated decisions on the industry and create risk assessment methods that can mitigate their exposure. Chainalysis Co-Founder and Chief Strategy Officer Jonathan Levin said that Kryptos ability to provide data transparency will be a crucial help to the emergence of the crypto movement.
Software to provide shields to investors
“Our data puts us in a position to help financial institutions enter the cryptocurrency market safely and responsibly. Not only does Kryptos help them mitigate risk and access new high-growth markets, but it will also help cryptocurrency businesses build trust with their banks. All players in the cryptocurrency ecosystem stand to benefit from increased transparency,” Levin said in a press release published on Nov. 12.
The software has now joined KYT (Know Your Transaction) and Reactor as products that specifically cater to institutional investors. KYT is a software that provides real-time tracking that can help identify illicit activities in crypto exchanges. Reactor, on the other hand, is a product that aids authorities in mapping out suspicious movements of funds in the digital space, which can ultimately lead to the apprehension of criminals.
Kryptos to launch in early 2020
Suffice to say that Kryptos’ arrival in the crypto industry is going to be a boon for investors since transparency and data analysis are the foundations of financial ventures. At the moment, the software is still in its development phase.
However, the beta version is already available but a few key features are still missing. Kryptos is slated to launch in the early quarter of 2020.
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