CipherTrace Analyst Added Support for Over 700 Cryptocurrencies

Analytics company CipherTrace has added more than 700 digital assets to the platform, including Ethereum (ETH), Litecoin (LTC) and Tether (USDT).

This way, CipherTrace clients (cryptocurrency exchanges and financial institutions) will be able to monitor these coins for potential money laundering risks.

CipherTrace claims to now cover more than 87% of the 100 largest cryptocurrencies in terms of trading volume, not to mention hundreds of ERC-20 tokens.

Billions move through altcoins every daydollars, – said Pamela Clegg, head of financial investigations at CipherTrace, – And to close the gaps in cryptocurrency, we need to uncover more illegal transactions in the ecosystem. The platform's expansion does just that, providing regulators, exchanges and investors with more than 87% of trading volume in the virtual asset market.

In turn, the technical director of CipherTraceShannon Holland stated that adding support for hundreds of altcoins – the task is not easy. He added that the company is not going to stop there, so users will have access to new coins in the near future.