Chance for Firms to Pivot Amid Bear Market: Chainanalysis

According to a report that was published by Blockworks following an interview with Chainalysis, the blockchain analytics company believes that the current bear market gives an opportunity for new businesses, particularly when it comes to improving the industry’s reputation in the eyes of the legal system.

In an interview with Blockworks, Todd Lenfield, the national manager for Australia and New Zealand at Chainalysis, said that the regulatory framework would continue to undergo change. He also said he doesn’t believe they see anybody hesitating to do that, but at the same time, they don’t want to restrict the industry either.

Even if it is disputed whether or not regulation could have prevented the disruption that is presently being felt throughout the market, there is a widespread understanding among policymakers that crypto needs more stringent laws, and they need them quickly. However, Lenfield believes that there is a glimmer of hope hidden somewhere between the gloomy black clouds.

Lenfield remarked that people have always believed that an opportunity to develop presents itself whenever there is a slump in the market. He went on to say that they see crypto firms, such as conventional exchanges, looking at delivering other sorts of services and adding value to their client groups. This is similar to what any other type of company would do during a down cycle.

The main selling point of Chainalysis is that it can assist law enforcement in identifying and apprehending criminals by analyzing blockchain data and creating maps of offenders’ addresses.