Chainalysis Starts Providing On-Demand Compliance Of ERC-20 Tokens

Chainalysis, a blockchain analytics firm, has introduced software for on-demand compliance and investigations on multiple Ethereum (ETH) based ERC-20 tokens.

The company’s Know Your Transaction (KYT) software is now compatible with crypto tokens such as DAI, OmiseGO (OMG), Basic Attention Token (BAT), Maker (MKR), GoldX, and 0x (ZRX).

Additionally, Chainalysis also disclosed plans to provide support for 23 more cryptos such as XRP, Dogecoin (DOGE), unshielded ZCash (ZEC), DASH and Ethereum Classic (ETC) over the next quarter.

The KYT tool of Chainalysis is currently used by more than 130 clients in 40 countries. The blockchain firm issued a statement detailing its objective:

“[The tool is used] to screen transactions in real-time and receive alerts on suspicious activity.”

The firm emphasizes that the system “helping businesses rapidly meet anti-money laundering/combating the financing of terrorism requirements for new ERC-20 tokens.”

By the end of this year, Chainalysis intends to double the cryptos supported by the system. In this regard, Doron Rosenblum, Managing Director of crypto exchange eToroX said “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.”

In the second half of August, Chainalysis KYT service was launched. At that time, the service supported 15 cryptocurrencies. The company also stressed that it is the first solution supports such a wide range of cryptocurrencies.