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Chainalysis to Offer Lightning Network Monitoring Service to VASPs in 2022 – Bitcoin News

On December 10, the blockchain intelligence agency Chainalysis revealed that the corporate has added help for Bitcoin’s second-layer protocol the Lightning Community (LN). In line with Chainalysis, corporations like exchanges and digital asset service suppliers (VASPs) can leverage the corporate’s Know-Your-Transaction (KYT) real-time transaction monitoring software program as a way to entry compliant bitcoin deposits and withdrawals from a LN node.

Compliant Lightning Transactions

The blockchain surveillance and intelligence firm, Chainalysis, introduced on Friday that the corporate has added Lightning Community (LN) help to its record of blockchain and crypto-asset networks, the corporate presently screens. For years, Chainalysis has monitored the Bitcoin (BTC) blockchain, and lately the agency is just not solely monitoring BTC, but additionally a myriad of crypto networks and decentralized finance (defi) protocols.

Primarily, the LN is an offchain routed “layer 2” (L2) cost channel community that helps facilitate bitcoin (BTC) transfers quicker and cheaper than onchain transactions. The Chainalysis LN help will present VASPs with “Chainalysis KYT (Know-Your-Transaction) for real-time transaction monitoring will now be capable of compliantly enable deposits and withdrawals of Bitcoin from a Lightning node.”

As of December 1, 2021, Chainalysis estimates there’s “slightly below 3,600 BTC price over $205 million is locked in public Lightning Community channels.” This has elevated an incredible deal because the complete worth locked within the LN was round 468 BTC on January 1, 2021. Chainalysis additionally mentions that the LN L2 system is leveraged by nations similar to El Salvador and huge companies like Twitter. Pratima Arora, the chief product officer at Chainalysis explains that the agency hopes compliant LN transfers will assist the LN mature.

“Chainalysis exists to construct belief in cryptocurrency as a way to promote extra monetary freedom with much less threat,” Arora mentioned in an announcement. “The Lightning Community solves most of the challenges that stop the Bitcoin protocol from getting used for micropayments and different transaction varieties that bolster monetary inclusion. By enabling our clients to compliantly help Lightning transactions, we hope to develop the community’s reputation and assist it scale.”

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Lightning Community Help for Chainalysis KYT Clients to Launch in February

Chainalysis has expanded its assets an incredible deal and faces dozens of blockchain intelligence and monitoring rivals. The corporate raised $100 million on the finish of June in its Sequence E funding spherical and the previous C and D rounds additionally noticed $100 million capital injections. The corporate’s submit valuation, after the Sequence E, was $4.2 billion in keeping with the agency’s announcement on the time.

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Talking in regards to the LN help, Chainalysis claims that for the primary time, “VASPs can now supply help for Lightning transactions aligned with international regulatory greatest practices.” The product Chainalysis presents referred to as Chainalysis KYT helps “pre-screening for Lightning withdrawals and behavioral alerts.” The blockchain surveillance and intelligence firm additional says that the LN help will likely be accessible for Chainalysis KYT clients in February.

Tags on this story
AML/KYC, Bitrank, Blockchain Evaluation, blockchain intelligence, blockchain monitoring, blockchain monitoring instruments, Blockchain Surveillance, blockchains, Chainalysis, Chainalysis KYT, Exchanges, Funding, KYT, L2, layer 2, lightning community, monitoring BTC, offchain community, cost channel, Pratima Arora, The Lightning Community

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