March 26, 2023

CipherTrace Analyst Added Support for Over 700 Cryptocurrencies

CipherTrace Analyst Added Support for Over 700 Cryptocurrencies

The analytical company CipherTrace has added over 700 digital assets to the platform, including Ethereum (ETH), Litecoin (LTC) and Tether (USDT).

Thus, CipherTrace clients (cryptocurrency exchanges and financial institutions) will be able to track 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 investigation at CipherTrace, “And to close the gaps in cryptocurrency, we need to disclose more illegal transactions in the ecosystem.” The expansion of the platform provides exactly this, providing regulators, exchanges and investors with over 87% of the trading volume in the virtual asset market.

In turn, CipherTrace Technical DirectorShannon Holland said adding support for hundreds of altcoins is not an easy task. He added that the company is not going to stop there, so in the near future users will have access to new coins.