The blockchain intelligence company Crystal Intelligence is expected to continue growing through 2024, according to Navin Gupta, the company’s recently recruited CEO.In an interview with Cointelegraph, Gupta stated that, as the unregulated portion of the cryptocurrency market continues to contract, he anticipates that the company’s growth will pick up speed. This is because the US government’s approval of spot Bitcoin exchange-traded funds (ETFs) has increased the number of businesses seeking operating licenses, according to Gupta. Says he.
“Hundreds of firms were waiting in license queue, and they are in some form of regulatory discussion with the regulator to make sure that they get licensed. Every single firm that gets regulated needs compliance software, monitoring, and to prove to the regulator that they are doing Anti-Money Laundering compliance…”
Institutions and regulators can obtain blockchain analysis, as well as investigative and compliance solutions, from Crystal Intelligence.A news announcement sent with Cointelegraph states that the company’s global customer base increased in 2023 and that over 50,000 businesses are currently being monitored by Crystal’s software.Bitfury established the business in 2017.
Gupta predicts that when stablecoins become more widely used, there will be a greater need for Crystal’s compliance services.
“[Stablecoin payments] are cross-border transfers of value. So, there’s the same Travel Rule that most transaction monitoring rules need to be applied, which brings a new swath of customers who want to accept or pay through stablecoins.”
According to “The Chainalysis 2023 Geography of Cryptocurrency” report, stablecoins are the most commonly utilized crypto assets, making up over 50% of on-chain transaction volume to or from centralized services between July 2022 and June 2023.
For the first time in Bitcoin’s history, Gupta claims, the freshly introduced spot Bitcoin ETFs will attract a consistent stream of non-speculative investment, legitimizing the asset class in the eyes of international regulatory bodies.Institutional investors, according to Gupta, have already begun to view the asset class more favorably.
“[Institutional adoption] is already happening. BlackRock manages trillions of dollars, and Bitcoin is a very small part of it. But they’ve already dipped their toes in the water, and the same is true for regulators.”
Gupta expects this to incentivize ETF issuers like BlackRock to launch additional funds.
“BlackRock does that; the peers have to do it. It’s a self-reinforcing cycle moving forward. So, we are very bullish about this space.”
According to a survey by on-chain data analytics firm CryptoQuant, the 10 spot Bitcoin ETFs account for over 75% of new Bitcoin investments.