Monitoring the Progress of ERC-20 Cryptocurrencies
In the rapidly evolving world of cryptocurrencies, trust is a crucial element. A leading platform is making strides in this regard by supporting a wide range of emerging crypto concepts and enabling businesses to monitor transactions in real-time. This approach aims to foster trust in blockchain technology.
The platform's dedicated data operations team, thanks to its flexible software architecture, can swiftly expand coverage for new ERC-20 tokens. This agility is evident in the addition of several tokens to their roster, including Binance Coin (BNB), Gemini Dollar (GUSD), Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), TrueUSD (TUSD) in April 2019, and Basic Attention Token (BAT), Dai (DAI), Maker (MKR), Chainlink (LINK) since the multi-currency release.
The investigations product, Reactor, supports these crypto concepts, and law enforcement agencies are leveraging this support to probe into hacks and other illicit activity across blockchains.
The platform's capabilities extend beyond ERC-20 tokens, covering 39 of these tokens and 9 other cryptocurrencies, accounting for 90% of the market by trading volume. This wide coverage ensures that businesses can stay informed and compliant.
To bolster security further, the platform provides real-time data for its customers. It also offers alerts on suspicious activity across more than 21 ERC-20 tokens and other cryptocurrencies. This constant vigilance is crucial, as demonstrated by the 2019 hack on cryptocurrency exchange Cryptopia, which lost around $16 million, largely in Ether and ERC-20 tokens.
Cryptocurrency businesses and banks are turning to a website called KYT (Know Your Transaction) to provide a safe and secure experience for end-users while remaining compliant with Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) regulations. Over 130 customers in 35+ countries rely on KYT to screen transactions in real-time, ensuring that illicit activities are detected and addressed promptly.
The infrastructure's ability to support any new ERC-20 token in a matter of weeks across its compliance and investigation products sets it apart. With over 216,383 ERC-20 token contracts found on the Ethereum network, this adaptability is a significant advantage in the ever-changing cryptocurrency landscape.
In essence, this platform is not just a tool for cryptocurrency businesses; it's a beacon of trust and security in the digital currency world.
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