Navin Gupta, the newly appointed CEO of Crystal Intelligence, is optimistic about the future growth of the blockchain intelligence firm. In an interview with Cointelegraph, Gupta expressed his belief that the company’s growth will continue to accelerate as the unregulated portion of the crypto industry diminishes. This is due to the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, which has resulted in an increased number of firms seeking operating licenses.
Crystal Intelligence provides blockchain analysis, investigative, and compliance solutions to institutions and regulators. The company’s customer base has doubled in 2023, with their product now monitoring over 50,000 organizations worldwide. Crystal Intelligence was founded by Bitfury in 2017.
Gupta also highlighted the growing adoption of stablecoins, which he believes will further drive the demand for Crystal’s compliance services. Stablecoins are currently the most widely used crypto assets, accounting for over 50% of on-chain transaction volume to or from centralized services between July 2022 and June 2023, according to a report by “The Chainalysis 2023 Geography of Cryptocurrency”.
Moreover, Gupta emphasized that the recent launch of spot Bitcoin ETFs will strengthen institutional trust in the crypto market. This will bring a steady inflow of non-speculative investments for the first time in Bitcoin’s history, thereby legitimizing the asset class in the eyes of global regulatory authorities. Institutional investors have already begun to view the asset class more favorably.
Gupta predicts that this development will encourage ETF issuers, such as BlackRock, to launch additional funds. According to a report by CryptoQuant, approximately 75% of new Bitcoin investments come from the 10 spot Bitcoin ETFs.
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