Cryptocurrency analytics firm Elliptic has added support of 87 new crypto assets bringing its total assets supported by the Elliptic Navigator to over 100.
According to a press release on Wednesday, the company noted that it now supports analytics of more than 97% of assets with the highest trading volume.
The firm’s co-founder and chief scientist, Tom Robinson was kin to mention to the media that Elliptic is the clear leader in terms of the number of crypto assets covered. Elliptic now beats out its competition by a considerable margin. Chainalysis, which is the closest rival reports its figure at 90% while CipherTrace supports 87%.
Among Elliptic’s newest additions are Binance’s stablecoin Binance Dollar (BUSD), Paxos Gold (PAXG), and Dai Stablecoins that add to the already supported stablecoins Tether (USDT), Paxos Standard (PAX), Circle’s USDC, Gemini Dollar and TrueUSD.
Combined, stablecoins now account for at least $10 billion in market capitalization. All the 87 crypto assets that the firm has added are ERC-20 tokens based on the Ethereum blockchain which the company was already tracking.
Robinson says that the choice of coins was dependent on the level of trading activity that each asset was getting on different platforms. This is important because, according to him, any cryptos sleuth firm can add support for any asset regardless of its adoption in the market.
It is “fairly irrelevant,” to add coins for the sake of beating your competition.
“More important is the proportion of all trading volume your supported assets cover,” he said adding that “We now support just over 97% of all assets by trading volume, the broadest of any crypto transaction screening tool.”
The addition of an asset to a crypto analytics firm such as Elliptic allows virtual asset businesses to track transactions on the network of the asset. This enables these businesses to identify any illicit transactions to prevent money laundering or terrorism financing.
This activity has become so essential that global regulators now require these businesses to demonstrate their ability to track transactions on their platform and that is where the crypto analytics firms come in handy. They provide their clients with the tools to evaluate transactions on their platforms. It is in the best interest of any crypto asset community to have their token added to a sleuthing firm which increases the chance of the token being supported by a trading platform.
Binance’s Chief Compliance Officer Samuel Lim said “Elliptic is the clear leader in crypto transaction screening. Support for BUSD in their compliance products will help us to increase adoption for our stablecoin and maintain regulatory compliance.”