Chainalysis Will Provide Lightning Network Monitoring Service for VASP in 2022 – Bitcoin News

Chainalysis Will Provide Lightning Network Monitoring Service for VASP in 2022 – Bitcoin News


On December 10th, blockchain intelligence company Chainalysis revealed that it added support for the Lightning Network (LN), the second layer of Bitcoin protocol. According to Chainalysis, companies such as exchanges and virtual asset service providers (VASP) can use the company’s “know your transaction” (KYT) real-time transaction monitoring software to access compliant bitcoin deposits and withdrawals from LN nodes.

Compliance Lightning Transaction

Blockchain surveillance and intelligence company, Chain analysis, It was announced on Friday that the company has added Lightning Network (LN) support to its list of currently monitored blockchain and encrypted asset networks.Chainalysis has been monitoring Bitcoin (BTC) Blockchain, now the company is not only monitoring Bitcoin, There are countless encrypted networks and decentralized finance (defi) protocols.

In essence, LN is an off-chain routing “Layer 2” (L2) payment channel network, which helps to promote Bitcoin (Bitcoin) Faster and cheaper than on-chain transactions. Chainalysis LN support will provide VASP with “Chainalysis KYT (Know Your Transaction) for real-time transaction monitoring will now be able to compliantly allow Bitcoin deposits and withdrawals from Lightning Nodes.”

As of December 1, 2021, Chainalysis estimates that “less than 3,600 Bitcoin Assets worth more than US$205 million are locked in public Lightning Network channels. “Since the total value locked in LN is approximately 468, it has increased a lot Bitcoin January 1, 2021. Chainalysis also mentioned that the LN L2 system has been Savior Like a big company Twitter. Pratima Arora, Chief Product Officer of Chainalysis, explained that the company hopes that a compliant LN transfer will help LN mature.

“Chainalysis exists to build trust in cryptocurrencies in order to promote more financial freedom with lower risk,” Arora said in a statement. “The Lightning Network solves many of the challenges that prevent the Bitcoin protocol from being used to support micropayments and other transaction types for inclusive finance. By enabling our customers to support lightning transactions in compliance, we hope to increase the visibility of the network and help it expand .”

Lightning network support for Chainalysis KYT customers will be launched in February

Chainalysis has greatly expanded its resources and faces dozens of blockchain intelligence and surveillance Upregulate At the end of June, it received 100 million U.S. dollars and Previous C and D rounds It also saw a capital injection of US$100 million. According to the company’s announcement at the time, the company’s valuation after the E series was US$4.2 billion.

Speaking of LN support, Chainalysis claimed for the first time that “VASP can now provide support for lightning transactions that comply with global regulatory best practices.” Chainalysis provides a product called Chainalysis KYT that supports “pre-screening of lightning withdrawals and behavioral alerts.” The blockchain monitoring and intelligence company further stated that it will provide LN support to Chainalysis KYT customers in February.

Tags in this story

Anti-money laundering/know your customers, Bit level, Blockchain analysis, Blockchain intelligence, Blockchain monitoring, Blockchain monitoring tools, Blockchain monitoring, Blockchain, Chain analysis, Chain analysis KYT, comminicate, funds, KYT, L2, Level 2, Lightning Network, Monitor Bitcoin, Off-chain network, Payment channel, Pratima Arora, Lightning Network

What do you think of Chainalysis adding Lightning Network support? Please tell us your thoughts on this topic in the comments section below.

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