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CipherTrace expands crypto tracing capability to 700 tokens

Wed, 16 Oct 2019, 04:17 am UTC

Blockchain analytics company CipherTrace has announced that it has expanded its cryptocurrency intelligence platform to support more than 700 tokens.

In addition to bitcoin, the platform now supports virtual asset tracing capability for Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT), representing more than 87 percent of the volume of the top 100 cryptocurrencies. It also includes the capability to trace several hundred ERC-20 tokens.

In a press release, CipherTrace said that the expanded capability is now available to end-users via the CipherTrace API for automated monitoring. For the newly supported coins, users would be able to explore complete addresses and view valuable details on transactions, wallets, exchanges and smart contracts.

Furthermore, financial investigators would now be able to trace ETH, BCH, and LTC addresses forwards and backward in their transaction history.

“Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance,” said Dave Jevans, CEO of CipherTrace. “Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring. By delivering the most comprehensive cryptocurrency intelligence, we are helping to create a multi-trillion-dollar global crypto economy.”

With the support for ERC-20 tokens, CipherTrace said users can now explore any ERC-20 transactions, or research and explore smart contracts. A single click on the contract icon will highlight details of the smart contract, including all transactions, counterparties, and counterparty attribution.

In addition, the enhanced platform also includes alerting functionality which will deliver notifications of transactions and changes to address risk ratings. CipherTrace explained that the platform will constantly monitor watchlist addresses and send alerts every time an address of interest sends or receives payments.

“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,” Shannon Holland, CipherTrace CTO.

Founded in 2015, CipherTrace develops cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. It raised $15 million in a funding round earlier this year led by Aspect Ventures.

Crypto and blockchain analytics has quickly gained prominence with the growing adoption of cryptocurrencies. Startups engaged in this area including Chainalysis, Coin Metrics, Elementus, Elliptic, and Flipside Crypto have attracted millions of dollars in funding.

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