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Blockchain analytics company Chainalysis has launched on-demand compliance and investigations software for ERC-20 tokens.
The company’s crypto anti-money laundering (AML) compliance solution, Chainalysis KYT (Know Your Transaction), is already being used by over 130 customers in 40 countries. In August, it enhanced its KYT solution with a new real-time alert functionality.
As per a press release, Chainalysis has added support for several new ERC-20 tokens, including Basic Attention Token, Dai, GoldX, Maker, OmiseGO, and 0x, and plans to roll out support for 23 additional cryptocurrencies including XRP, Dash, ZCash (unshielded), Doge, and Ethereum Classic.
"By working closely with our customers and partners, we built a scalable platform that enables us to support more cryptocurrencies at a higher velocity,” said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis.
As of October 2019, there are 216,383 ERC-20 token contracts found on the Ethereum network, each representing a unique community eager to participate in the native token project, the company noted. However, as these projects are attracting hundreds and thousands of potential investors, they also invite exposure to risk.
To that end, Chainalysis cited the infamous Cryptopia hack in which the exchange lost around $16 million (largely in Ether and ERC-20 tokens), representing around 9.4% of its total assets and which led to the company’s bankruptcy.
Apart from the hacks, Chainalysis said that businesses also need to give priority to compliance and monitoring ERC-20 transactions for illicit activity.
“To help these businesses keep up with the rapidly-evolving ecosystem, Chainalysis built the capability to support any new ERC-20 token in a matter of weeks across its compliance and investigation products,” it added.
Chainalysis said it will support 39 ERC-20 tokens in addition to 9 other cryptocurrencies—covering 90% of the market by trading volume – by the end of this year.
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