CipherTrace has created enhanced Monero tracing software for qualified financial institutions.
CipherTrace is the industry leader in cryptocurrency intelligence, offering Monero tracking capabilities based on research supported by the Department of Homeland Security Science & Technology Directorate. CipherTrace brings Monero tracing capabilities up to the next level by clients to track funds backwards from transactions of interest to their source. It also contains visualization tools.
Dave Jevans, CipherTrace CEO, stated that the tracing toolet bolsters viability of privacy coins over the long-term because it allows exchanges and other cryptocurrency businesses to meet anti-money laundering regulations.
The company intends to charge $16,000 annually per user for the toolkit, which will be made available to CipherTrace customers (primarily institutions or government agencies).
Carol Van Cleef (Chair of the Blockchain and Digital Assets Practice) stated that tracking Monero transactions has been challenging for many organizations. “CipherTrace’s unique technology and new visualization enhancements for tracking Monero payments are a significant step forward in crypto exchanges and financial institutions that work hard to manage money laundering related to privacy coin transactions.
CipherTrace will start work on the monero tracing software for DHS in August 2020. Today’s announcement is not specific enough to describe how CipherTrace’s product works.
Read Also: Google Announces A New Crypto Ads Policy
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.