{"id":25905,"date":"2020-05-21T10:15:00","date_gmt":"2020-05-21T08:15:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=25905"},"modified":"2020-05-21T10:15:00","modified_gmt":"2020-05-21T08:15:00","slug":"blockchain-analytics-firm-elliptic-adds-support-for-87-more-crypto-assets","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/blockchain-analytics-firm-elliptic-adds-support-for-87-more-crypto-assets\/","title":{"rendered":"Blockchain Analytics Firm Elliptic Adds Support for 87 More Crypto Assets"},"content":{"rendered":"

Cryptocurrency analytics firm Elliptic has added support of 87 new crypto assets<\/strong> bringing its total assets supported by the Elliptic Navigator<\/a> to over 100.<\/p>\n

According to a press release<\/a> on Wednesday, the company noted that it now supports analytics of more than 97% of assets with the highest trading volume.<\/strong><\/p>\n

The firm\u2019s 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<\/a> its figure at 90% while CipherTrace supports<\/a> 87%.<\/p>\n

Among Elliptic\u2019s newest additions are Binance\u2019s stablecoin Binance Dollar (BUSD), Paxos Gold (PAXG), and Dai Stablecoins that add to the already supported stablecoins Tether (USDT), Paxos Standard (PAX), Circle\u2019s USDC, Gemini Dollar and TrueUSD.<\/p>\n

Combined, stablecoins<\/strong> <\/a>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.<\/p>\n

\"elliptic-logo\"<\/p>\n

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.<\/p>\n

It is \u201cfairly irrelevant,\u201d to add coins for the sake of beating your competition.<\/p>\n

\u201cMore important is the proportion of all trading volume your supported assets cover,\u201d he said adding that \u201cWe now support just over 97% of all assets by trading volume, the broadest of any crypto transaction screening tool.\u201d<\/em><\/p>\n

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.<\/p>\n

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.<\/p>\n

Binance\u2019s Chief Compliance Officer Samuel Lim said \u201cElliptic 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.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency analytics firm Elliptic has added support of 87 new crypto assets bringing its total assets supported by the Elliptic Navigator to over 100.<\/p>\n","protected":false},"author":12,"featured_media":25907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,74],"tags":[5189],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/25905"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=25905"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/25905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/25907"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=25905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=25905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=25905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}