Analytical blockchain-focused company Chainalysis has announced it launched support for two notable cryptocurrencies in Chainalysis Reactor and KYT (Know Your Transaction): Dash and Zcash.
Both of the so-called "privacy coins" account for over $1.5 billion of reported daily trading volume.
Dash and Zcash give users possibility to conduct transactions with a higher privacy. However, Chainalysis says that does not mean they provide total anonymity. The two cryptocurrencies’ privacy features leave room for investigators and compliance professionals to investigate suspicious or illicit activity and maintain compliance, an official press release states.
"Through Chainalysis’ technology and our customers’ vigilance we can make sure that these coins keep being used by legitimate, law-abiding people and businesses," the press release says.
With Chainalysis product’s support, cryptocurrency businesses are now able to incorporate Dash and Zcash into their compliance programmes.
The majority of these two coins’ usage is for non-privacy purposes. Research by the RAND corporation, on behalf of Zcash, revealed that of the cryptocurrency addresses mentioned on the dark web, less than 0.2% were for either DASH or ZEC.
Previously, iHodl reported that cryptocurrency exchange and wallet provider ZebPay entered into a partnership with Chainalysis to enhance due diligence and investigations in India.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.