Chainalysis estimates that $1 billion dollars will be spent on illegal businesses on the dark web in 2019, but that the proportion of bitcoin transactions that involve illegal activity has declined.
Following a consultive forum this month, there is no indication that the FATF will change its recent position on stricter KYC rules for cryptocurrency service providers.
In this op ed, CoolBitX CEO Michael Ou argues that "anonymity contributes to cryptocurrency’s notorious volatility and makes it that much less likely that digital currencies will become stable stores of value."
The fund injection will be used to expand the startup's operations including its Chainalysis Know-Your-Transaction (KYT) tool which allows more than 100 crypto exchanges and financial institutions to vet their clients.
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