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Chainalysis introduces ‘Kryptos’ software tool for entity risk compliance


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If institutions, government officials, and businesses are ever to feel comfortable with the world of cryptos, there need to be crypto support firms that provide the tools to get at the level of information that is readily transparent for those who know how to maneuver on these revolutionary roads. Chainalysis is one of the leaders on this front that is steadily building trust for all things crypto. The company recently announced its newest software tool to do just that named “Kryptos”.

Kryptos is in Beta-test mode at the moment, with its full release expected in early 2020. The software tool is designed to help institutions understand better the infrastructure that supports crypto investments, assess the risk associated with such dealings, and generally permit a look-see beneath the “hood” of crypto exchanges. The “Net/Net” is that banks will have an easier time assessing their risks and performing compliance operations with this new tool.

According to reporting from Decrypto, the Co-Founder and CEO of Chainalysis, Michael Gronager, said that the users of Kryptos will gain a better overall perspective of the crypto world:

We’re focused on breaking down the barriers. Finally, financial institutions can access the transparency they need to fulfill their compliance responsibilities, meet customer demand, and seize the market opportunity they already believe in.

Co-Founder and Chief Strategy Officer of Chainalysis, Jonathan Levin, added: “Not only does Kryptos help [financial institutions] mitigate risk and access new high growth markets but it will also help crypto businesses build trust with their banks.” The latter comment is a tip of the hat to the firm’s primary mission, as stated on its website: “Building trust in blockchains”, by creating “transparency for a global economy built on blockchains, enabling banks, business, and governments to have a common understanding of how people use cryptocurrency.”

With respect to crypto exchanges, an institution will now be able to observe the jurisdiction where these exchanges operate, where they are stationed, the various coins and pairs that each platform supports, and, more importantly, the number and identity of counterparties to recent transactional activity.

One of the 200 companies that Chainalysis currently supports on a global basis is Silvergate Bank, which is a banking pioneer in the crypto space that recently went public on the NYSE. This bank has actually participated in the beta testing. Michelle Sabins, the SVP Managing Principal of Silvergate, described Kryptos as a “powerful tool for institutions to use to evaluate the risk profile […] to measure their counterparty risk.”

Chainalysis currently touts itself as providing “the world’s most comprehensive cryptocurrency investigation and transaction monitoring solutions”. It works directly with banking institutions and law enforcement agencies to prevent financial fraud and money laundering. They presently work with over 200 government agencies, exchanges, and financial institutions spread over 40 countries by educating them on the nuances of the blockchain and by providing related investigative and compliance tools.

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Chainalysis introduces ‘Kryptos’ software tool for entity risk compliance

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