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Chainalysis, the company that tracks cryptographic transactions, has completed its second round. Under the leadership of venture capital firm Accel, $ 30 million was raised.
Chainalysis Doubling Down in London
One of the first steps of the injection of funds is to double the number of their employees in London. Phillippe Botteri, of Accel, based in London, gets a seat on the board of Chainalysis.
The city is optimal for its proximity to the best universities that increasingly recognize cryptocurrency as a technology poised to change the way people exchange value around the world. The office will allow us to work with leading financial institutions and cryptocurrency companies based on this market, as well as with European governments.
Chainalysis is one of the largest entrepreneurs of the IRS. As the NCC Report stated last year, they received most of the money spent by the IRS for monitoring cryptographic payments, over $ 5 million.
The increase is almost double the number A, and the company claims to have significantly improved its operations since then. Last year, they launched their "Know Your Transaction" software. The anti-money laundering suite enables a switch or other crypto-economy participant to enter a transaction identifier and determine its "cleanliness" degree.
As tracking companies grow, confidential pieces gain ground
According to this journalist's experience, the mere mention of "Chainalsyis" is enough to bark crypto-crypts. Among the crypto-anarchist group, society is unpopular. Financial confidentiality, a basic principle of crypto-anarchist thinking, is best manifested in privacy pieces such as Monero.
The old arguments about privacy are coming back. "If you have nothing to hide, what are you worried about?" The crypto-anarchist rolled his eyes.
However, another argument exists. Without companies like Chainalysis in the game, the government would continue to pose an existential threat to crypto as a whole.
Nevertheless, the traceability of cryptocurrency is much higher than that of traditional fiduciary money. Important minds of the cryptographic space have identified this as a weakness. Litecoin's transactions will be protected, according to creator Charlie Lee.
Fungibility is the only property of the healthy money that Bitcoin & Litecoin lacks. Now that the debate on scale is behind us, the next battleground will be fungibility and privacy.
I am now looking to make Litecoin more fungible by adding confidential transactions. ?
– Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
After all, if a drug dealer enters your gas station and buys a pack of cigarettes, the bank will not badyze the used bills and will reject them from your deposit. Crypto-currencies lose their fungibility with "dirty parts".
Financial confidentiality is a requirement of financial freedom
Community solutions such as "coin mixing" have been around for a long time.
Nevertheless, some actors of the crypto-economy will have problems with the bases of the mission of Chainalysis. "The escape from sanctions" is not considered a problem for those who believe in true economic freedom.
"Our main goal is to organize the world's channel data and make it accessible and useful to governments, financial institutions and cryptocurrency companies. We are doubling our investments in our people and in technology, which allows us to better understand how and why people use cryptocurrencies. Specifically, we are building a team that focuses on providing more services badociated with criminal activity, including Darknet markets, scams, ransomware, terrorist financing and non-compliance. "
Chainalysis, founded in 2015, is no longer the only company in the game of transaction badysis. Elementus is another company that strives to provide as much information as possible about the data of the blockchain. To date, they have used their powers for good, claiming that Cryptopia hackers stole much more than was reported. Later, they were the first to notice that Cryptopia's hackers were back.
The cryptographic world is changing rapidly. Dark markets such as the Silk Road were probably the first services to give real value to cryptocurrency. But they have benefited greatly from some kind of first-mover advantage. These days, you can rest badured that your friendly local government government knows what Bitcoin is and, in many ways, it is better to carry out any form of illegal offline transaction, in cash.
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