The start-up, currently consisting of only three members — James Edwards, Fabio Federici (CEO) and William Gleim — specialises in the blockchain analysis and provides such services as risk assessment and fraud detection.
According to Federici, to see whether a customer is reliable the team analyses transaction inputs, looks into the previous transaction structure "and pulls in metadata around those inputs". This helps decision-makers to not act blindly, assessing the reliability of their customers without violating data privacy.
Having raised $1.1 million, the Coinalytics team is planning to widen their area of activity which used to be focused mostly on bitcoin transactions and then shifted towards the blockchain technology as a whole. Along with that, the start-up unveiled a data science layer for the blockchain which applies advanced machine learning to cryptographic platforms, helping, as its creators argue, to make smart-decisions in real time.
A Californian company, Coinalytics appeared on the market as one of the 500 Start-ups graduates and is now expected to fuel its growth with the help of the funding received. Coinalytics is one of the five companies that received investments during the last week, along with Chronicled, Chain, Abra, Case start-ups.
