Bitcoin Daily: Chainalysis Rolls Out Examination Support For Cryptocurrencies Zcash, Dash Crypto

Blockchain analysis company Chainalysis has rolled out compliance and investigative services for the Zcash and Dash digital currencies, according to an announcement.

The firm noted that the two digital currencies have some privacy features built into them, but they let investigators and experts in compliance look into “illicit activity in a way that balances users’ privacy needs with the industry’s compliance needs.”

Chainalysis said in the announcement that Zcash and Dash don’t let users completely hide their identities, even though they let them make transactions with higher levels of privacy. And it noted the privacy functions of Zcash and Dash are not required, and individuals can make their own decisions about whether to use them.

Chainalysis claimed that most of the two coins are used for “non-privacy purposes.” It pointed to RAND corporate research, which was conducted for Zcash, that showed less than 0.2 percent of digital currency addresses mentioned on the dark web were for ZCash or Dash.

Chainalysis said digital currency firms can now bring the two cryptocurrencies into their compliance initiatives through its support. And, with its infrastructure and attention from its clients, the company said, “we can make sure that these coins keep being used by legitimate, law-abiding people and businesses.”