CipherTrace Announces Record Revenue, Customer Growth, and Capital Efficiency
CipherTrace Recognized by SINET as One of 16 Most Innovative and Compelling Cybersecurity Companies in the World.
MENLO PARK, CALIF. OCTOBER 16, 2020
SINET recognizes leading cryptocurrency intelligence company CipherTrace with the SINET 16 award, an honor granted to 16 of the most innovative and compelling companies out of hundreds of emerging cybersecurity companies from all over the world. CipherTrace CEO Dave Jevans will present CipherTrace’s blockchain analytics solutions at SINET Showcase in Washington D.C. October 20th, 2020.
CipherTrace also announced record revenue with year over year growth of 185%. The company also continues to acquire new customers at an unprecedented rate including numerous government agencies and over 21 banks utilizing Armada to mitigate cryptocurrency compliance exposure. The seasoned management team has simultaneously improved capital efficiency and gross margin while doubling the number of customers.
“I met David 18 years ago on the balcony of my US Secret Service San Francisco Office,” said Robert Rodriguez, Chairman and Founder of SINET. “He was an innovator then and continues to be one today as CipherTrace is addressing where the market is headed with their Armada and other Cryptocurrency and threat intelligence products. Congratulations on being selected as one of this year’s class of SINET 16 Innovators.”
Dave Jevans, CEO of CipherTrace, said, “We are honored to be recognized with the SINET 16 Innovators award. As one of the leading cryptocurrency intelligence providers, we seek to bridge the divide between regulators, financial institutions, and cryptocurrency businesses. We believe that by helping cryptocurrency businesses and financial institutions achieve compliance with regulations we can make the cryptocurrency economy safer for everyone while preserving the core value of privacy that drew so many to the fast-growing cryptocurrency sphere in the first place.”
CipherTrace is known for its innovations in cryptocurrency tracing used by banks, exchanges, and other Virtual Asset Service Providers (VASPs), as well as other financial institutions. CipherTrace recently developed tools for tracing Monero for the Department of Homeland Security to use in investigations of crimes using the privacy coin. Its banking product, Armada, is used by some of the largest banks in the world to trace cryptocurrency flows on their payment networks to ensure compliance with Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Travel Rule regulations.
CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report shed light on the growing number of cross-border transactions and the corresponding need for regulations and interoperable compliance solutions. The company’s 2020 Geographic Risk Report maps hotspots where VASPs have deficient KYC practices, providing banks and other financial institutions with greater context on the impact of DeFi and bringing awareness to regions with, particularly porous KYC. CipherTrace founded Travel Rule Information Sharing Alliance (TRISA.io) to support VASPs in sharing sender and receiver information to comply with the Financial Action Task Force’s Travel Rule guidelines without compromising privacy.
For more on CipherTrace’s tools, visit https://ciphertrace.com/.