Chainalysis, the blockchain analysis firm, revealed on Thursday (May 20, 2021) that it has launched Chainalysis Business Data, which is described as a “first-of-its-kind” data offering to assist digital asset exchanges and other Fintechs that provide crypto-related services.
Chainalysis Business Data should allow service providers to gain a better understanding of their clients or users, customize their products and services, and “identify new revenue streams,” the announcement noted.
Chainalysis also mentioned that Business Data is being powered by Chainalysis’s proprietary data, which crypto firms throughout the world currently use for compliance purposes. Business Data is reportedly “the first Chainalysis offering designed for marketing, finance, and product development teams to help them drive user growth.”
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis, stated:
“The benefit of cryptocurrency is its inherent transparency, and with the right data, businesses can gain valuable intelligence to inform their growth strategies. This level of data-driven business development is another advantage of blockchains that just isn’t possible in traditional finance.”
Chainalysis remains focused on “systematically” developing its data set since 2014, “linking blockchain activity to real-world entities.” Chainalysis reports that it monitors more than 100 crypto-assets such as Bitcoin (BTC), Ethereum (ETH), and the most widely-used ERC-20 tokens and stablecoins, “representing over $200 billion worth of transactions per month.”
As noted in the update, financial crime and compliance experts currently depend on Chainalysis on-chain data to identify and conduct probes into illicit transactions. Chainalysis Business Data aims to harness the same “trusted” dataset to assist exchanges with answering key questions such as:
- Should “we run a promotion on certain assets?”
- Are customers “leaving and going to competitors?”
- Which “new customers should we target?”
- Which “acquisition channels result in my best customers?”
Phoivos Mytilinaios, Head of Business Intelligence & Data Engineering at Bitpanda, remarked:
“One of cryptocurrency’s many advantages is its transparency, which provides unique opportunities for business development. By extending their data-driven offerings beyond compliance, Chainalysis will help inform our marketing and product development strategies to grow and retain our customer base.”
Chainalysis Business Data is offered as a data feed that can be quickly integrated into clients’ data warehouses. It can then “enrich existing datasets to derive deeper insights into their users’ behaviors.”
Chainalysis also “offers expert services from data scientists to assist customers in integration and analysis.” Business Data is currently available as a subscription offering.
Chainalysis recently finalized its Series D funding, securing $100 million with over a $2 billion valuation. Chainalysis aims to act as a key partner to financial institutions, governments, and crypto-related companies across the globe.
The company provides data, software, and expertise on “sophisticated” crypto crime and money laundering “tactics,” techniques, and procedures.