Blockchain analytics outfit, Chainalysis on Thursday, the 20th of May, unveiled a suite of analytics tools targeted at cryptocurrency focused enterprises, as opposed to data tools for their established market, government. The new business data offering is designed to aid digital asset exchanges, and businesses operating in the fledgling asset class to better understand their customers’ behaviour, in order to better tailor their product strategies, and drive user growth.
Traditionally operating in the compliance-focused sphere of blockchain data catering, distributed ledger analytics firm, Chainalysis on the 20th of May announced that they had – in their expansion efforts – veered into providing blockchain usage data for crypto asset-focused companies. The Chainalysis Business Data offering is the first blockchain analytics package designed specifically for enterprises.
Digital asset firms, like exchanges and payment gateways, will be able to leverage Chainalysis’ proprietary offering to design user segment specific products and services, and open up new revenue streams. The analytics firm, Chainalysis, keeps watch of over a thousand blockchain assets, which generate over $200 billion in monthly transactions. The firm has been servicing the compliance sector of the blockchain industry since 2014, and is the first blockchain sleuthing firm to launch a business product.
With Institutional, and professional investor money beginning to stampede into cryptocurrency markets, the incumbent retail investor will be faced with a new playing field in which to operate. The shift in market dynamics will likely mean that the retail crypto trader will need to adapt in order to remain competitive. Crypto companies will need to understand these changes in user behaviour.
“The benefit of cryptocurrency is its inherent transparency, and with the right data, businesses can gain valuable intelligence to inform their growth strategies,” opined Jonathan Levin,Chainalysis Co-Founder and Chief Strategy Officer. “This level of data-driven business development is another advantage of blockchains that just isn’t possible in traditional finance.”
Now, instead of helping firms keep on the right side of government policy, by detecting and investigating nefarious looking blockchain transactions the firm also offers tools that will help businesses that operate in the digital assets industry come to a more intimate understanding of their customer base. With the tools, crypto firms will be able to discern which assets are most popular with customers, and therefore, which ones to run promotions on.
In addition to that, crypto companies will also be able to view which of their customers they are losing to competitors, which new users they ought to focus on, and which advertising channels offer the most results. The firm which helped governments, and institutions gain a full picture of digital asset crime, with a fully integratable data feed, is now working to help shape a robust crypto industry by enabling digital asset-based companies to build deeper insight into their users.