Information is vital for financial institutions managing nine- or ten-figure portfolios on behalf of clients. And CryptoQuant is making all the right moves to become their favorite data provider.
The community-driven on-chain analytics service recently partnered with the CME Group to directly provide its traders with blockchain data. The rapidly expanding service has also aided investigations into money laundering and online sexual abuse cases.
Public blockchains offer a level of transparency previously absent from financial services. On networks like Bitcoin and Ethereum, every transaction is permanently recorded on a digital ledger that anyone can reference at any time.
Such on-chain data is handy for various applications. For example, it provides actionable information to traders looking for opportune buys and sells and can also help track criminals using cryptocurrency for illicit purposes.
While it is relatively easy to consult a blockchain for individual payments and wallet movements, analyzing the most used networks’ massive volumes of daily transaction data becomes burdensome. That’s where on-chain data providers come in, and CryptoQuant is quickly becoming the service of choice for institutions and law enforcement alike.
CryptoQuant was founded in 2018. It wasn’t long before its patented wallet verification technology found high-profile users in the Korean National Police Agency. The company provided on-chain data that law enforcement used to track and prosecute those behind the 2020 South Korean sexual abuse scandal known as the “Nth Room.”
Inspired by its previous success, CryptoQuant established its now industry-leading data platform the same year. In 2021, the company’s reports were crucial in the US Securities and Exchange Commission’s approval of a second Bitcoin-linked ETF. Fast forward another year, and the service is integral to more than 200 institutional clients’ trading strategies, and serves users in as many countries globally.
Already an established name within crypto circles, the CME Group naming CryptoQuant as its first and only on-chain data supplier in July 2022 cemented the company’s position at the top. The traditional financial institutions and hedge funds at the world’s largest derivatives firm no longer need to purchase data packages from suppliers. Instead, they can source it directly from the CryptoQuant-powered CME Group Datamine service.
As cited in a recent press release, CryptoQuant’s CEO Ki Young Ju believes that better data services can help fuel digital asset adoption. He added:
“Digital asset investment was considered dangerous speculation compared to other assets such as stocks, gold or properties. This bias has formed as there was no reliable information in this industry, and investors were purchasing digital assets without a data-based analysis.”
The CME Group’s blessing has only increased CryptoQuant’s perception among the industry’s institutional newcomers. To meet the surging demand for its on-chain data,
the company is also currently actively recruiting new staff members.
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