- Trading and transactions of over 700 digital assets are now traceable using CipherTrace systems.
- The advancement in technology will help close money laundering gaps and push for widespread adoption.
A recent report by Cipher Trade, a provider of cryptocurrency, intelligence, and blockchain security says that trading for over 700 coins and digital tokens is now traceable. This makes up 87% of the volume recorded among the top 100 digital assets. It includes cryptos such as Ethereum, Bitcoin Cash and Litecoin. According to Shannon Holland, the CTO of CipherTrace:
“This giant leap in blockchain visibility was no easy feat. It has taken intense work and technological breakthroughs over the last four years, as well as collaboration with regulators and financial investigators. 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.”
CipherTrace believes that aiding virtual asset providers in dealing with criminals and terrorist activities within their networks will help speed up adoption and acceptance. Exposing more of the true number of illegal transactions helps to close money laundering gaps
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