The concept of blockchain analysis will always be relatively controversial among cryptocurrency enthusiasts. CipherTrace is unveiling its new tool known as Armada.
There will always be some degree of criminal activity associated with cryptocurrencies.
Another Analysis Tool by CipherTrace
That applies to other forms of finance as well, as money needs to be moved to reduce the chances of it being frozen.
CipherTrace is one of the many companies looking for ways to identify those illicit money streams.
This is achieved through the process of blockchain analysis.
Not all cryptocurrency enthusiasts see merit in this approach, although it brings more legitimacy to the overall industry.
Through its new Armada suite, CipherTrace aims to strengthen its position on the market.
The new tool provides AML and KYC features to closely monitor crypto activities in real-time.
Over the years, the company has built up a credible reputation by identifying illicit streams.
Armada is primarily designed to identify transactions for virtual asset service providers and MSBs.
That latter part also includes any unregistered service providers.
It is now up to regulators and financial institutions to embrace this new technology and make the most of it accordingly.
By weeding out criminal activity in the crypto space, Bitcoin will appear more legitimate in the eyes of the general public.