Chainalysis Will Add Lightning Network Support

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Blockchain transaction analysis software provider Chainalysis will add support for a second tier solution for Bitcoin’s Lightning Network in February.

According to an article on the company’s blog, this decision was made in connection with the significant increase in the popularity of the Lightning Network. So, if at the beginning of the year about 1,000 BTC was blocked in the second level solution, then on December 1 the figure increased to 3,600 BTC. The number of open channels in the Lightning network has also grown significantly – if at the beginning of the year there were about 38,000 of them, then at the beginning of December there were more than 90,000.

“We are delighted to be the first analytics company to provide clients with tools to track transactions on the Lightning Network. We hope to help our clients use new technologies and increase the adoption of cryptocurrencies around the world, ”the article says.

The corresponding functions will also receive the Chainalysis KYT solution, which cryptocurrency exchanges and trading platforms use to track transactions. For example, in March last year, P2P platform Paxful announced that it will implement Chainalysis tools to track suspicious transactions. In February of this year, it became known that Paxful will add support for the Lightning Network to conduct faster and more cost-effective Bitcoin transactions.

Earlier, Arcane Research predicted that the number of Lightning Network users could grow to 700 million by 2030.

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