July 25, 2024
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Chainalysis Set To Launch Lightning Network Monitoring Service To VASPs From 2022

The blockchain surveillance and intelligence company, Chainalysis reveals on Friday how the company will add Lightning Network (LN) support. Furthermore, Chainalysis is always monitoring the Bitcoin (BTC) blockchain, not only that but also a myriad of crypto networks and DeFi protocols.

Notably, the LN is an offchain “layer 2” (L2) payment channel network facilitating bitcoin (BTC) transfers. So, according to The Chainalysis, LN support looks to bring VASPs with
“Chainalysis KYT (Know-Your-Transaction) for real-time transaction monitoring will now be…”
“able to compliantly allow deposits and withdrawals of Bitcoin from a Lightning node.”

Records from December 1, 2021 shows that Chainalysis estimating there are
“just under 3,600 BTC worth over $205 million is locked in public Lightning Network channels.”

Also, Chainalysis notes that the LN L2 system is used by countries like El Salvador and large corporations like Twitter. Pratima Arora. More so, the chief product officer at Chainalysis confirms the firm wants to compliant LN transfers will help the LN mature.

“Chainalysis exists to build trust in cryptocurrency in order to promote more financial freedom with less risk,”

Then, Arora adds in a statement.

Then, Arora adds in a statement.

“The Lightning Network solves many of the challenges that prevent the Bitcoin protocol…”
“from being used for micropayments and other transaction types that bolster financial inclusion…”
“By enabling our customers to compliantly support Lightning transactions,…”
“we hope to grow the network’s popularity and help it scale.”

Furthermore, Chainalysis currently is in the game and is dealing with dozens of blockchain intelligence and monitoring competitors.

Of course, it has $100 million at the end of June in its Series E funding round. That’s, with the previous C and D rounds seeing $100 million capital injections.

Notably, The company’s post valuation ie. after the Series E sits at $4.2 billion as per firm’s announcement at the time.

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