Leading blockchain analysis firm, Chainalysis, which recently secured $49 million in capital through a Series B round, announced on July 27, 2020, that it has launched Market Intel, its newly designed website for asset managers and regulatory agencies. The new site may be used to gain access to live data and insights on cryptocurrency transactions, and also the health and growth of the digital asset markets.
As mentioned in a release shared with Crowdfund Insider:
“Market Intel is powered by Chainalysis’s proprietary data, which the company has been systematically collecting and linking to real world entities since 2014.”
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis, said that the company was established to help financial service providers and world governments with gaining access to trusted data sources. Chainalysis aims to help financial institutions and regulators feel comfortable with cryptocurrency so that these alternative assets can achieve mainstream adoption.
Levin explained that Market Intel is the next logical step in realizing Chainalysis’ vision. He added the company aims to help asset managers and regulators by providing metrics and context for cryptocurrency transactions.
Chainalysis focuses on assisting its customers with leveraging the transparency of public blockchains so that they can make more informed, data-driven decisions about “why and how to invest in cryptocurrencies and ensure the markets function safely and efficiently,” Levin noted.
Financial crime and compliance professionals frequently use Chainalysis’ on-chain data, which aims to offer detailed insight into cryptocurrency activity that is conducted on the blockchain, in order to identify and investigate potentially fraudulent and illicit transactions.
As mentioned in the announcement:
“Market Intel harnesses the same trusted dataset to provide insight into economic activity. While roughly $10 billion of cryptocurrency was transferred on-chain for illicit purposes in 2019, about that same amount is transferred on-chain every week for investment and trading.”
Philip Gradwell, Chief Economist, Chainalysis, believes that decentralized cryptocurrencies are on their way to becoming a mainstream asset class, however, fund managers and regulatory authorities require reliable data and insight into what’s really taking place in the crypto markets to “meaningfully invest and effectively oversee the space,”
“With Market Intel, we’re leveraging our unique dataset to give an accurate and complete description of the real world use of cryptocurrencies, rather than providing partial, noisy data or focusing on technical blockchain metrics.”
Chainalysis Market Intel offers daily on-chain metrics on cryptocurrency trading, demand, supply, generation, and the potential risk of cryptos. The software aims to identify what it considers the “most important daily changes.”
As noted in the release:
“Insights include how much cryptocurrency is flowing to and from exchanges, how and where in the world cryptocurrency is moving, how long supply is held, the percentage of new assets going to exchanges, the percentage of transaction volume related to illicit activity, and more.”
Market Intel is currently available only in beta mode for free. It allows users to access key metrics and insights on the Bitcoin (BTC), Ethereum (ETH), Tether USDT (on Bitcoin and Ethereum), Bitcoin Cash (BCH), and Litecoin (LTC) blockchains. Chainalysis said it will be introducing improvements and other features in the future.
The blockchain analysis firm is also introducing the weekly Market Intel Report, which is an email summary of the most important on-chain events and trends in cryptocurrency, focusing on their “short-term implications for cryptocurrency markets and the long-term evolution of cryptocurrencies as an asset class.”