Chainalysis Adds Support for 10 ERC-20 Tokens; XRP and DOGE Coming Soon

  • Chainalysis has added support for ten ERC-20 tokens including Maker, DAI and BAT.
  • Firm intends to add coverage for XRP, DOGE and more in the coming months. 

Blockchain and crypto analysis firm Chainalysis has added support for 10 ERC-20 tokens, with the intention of including XRP and more in the coming months.

Chainalysis Expands ERC-20 Coverage

According to the announcement, Chainalysis has added support for 10 ERC-20 tokens to its anti-money laundering (AML) compliance solution, including Maker, Dai, 0x and the Basic Attention Token. In addition, the firm says it will expand coverage to more altcoins over the next three months, including XRP, Doge, Ethereum Classic and Dash, among others. 

The addition of expanded AML support comes at a time when most crypto exchanges are being forced to undergo changes to maintain regulatory compliance. In June, the Financial Action Task Force (FATF) announced a controversial proposal that will require exchanges to share client data during transfers.

Chainalaysis co-founder and CSO Jonathan Levin told crypto outlet The Block, 

There clearly are a lot of experimentations and demand coming from the market, on what can be tokenized and traded, but at the same time… we also see that many of the recent exchange hacks that we have been tracking have been ERC-20 tokens stolen.

Levin highlighted the growth of ERC-20 tokens across the crypto landscape, which now number over 200,000, nothing that “each one of those tokens represents a community around that token, a use case.”

He said, 

We feel that enabling those communities to come to Chainalysis and say that we want to monitor our tokens… is a way for the market to test out these use cases.

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