Navin Gupta, the recently appointed CEO of Crystal Intelligence, envisions continued growth for the blockchain intelligence firm until 2024. In a conversation with Cointelegraph, Gupta expressed his belief that the company’s expansion will gain momentum as the unregulated sector of the cryptocurrency industry diminishes. Gupta attributes this shrinkage to the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, which has led to a surge in the number of firms seeking operating licenses.
Crystal Intelligence specializes in offering blockchain analysis, investigative services, and compliance solutions to institutions and regulators. The company’s global customer base doubled over the course of 2023, with its flagship product now monitoring more than 50,000 organizations. These details were revealed in a press release shared with Cointelegraph. Bitfury, the renowned blockchain technology company, established Crystal Intelligence in 2017.
Furthermore, Gupta anticipates that the growing adoption of stablecoins will generate an increased demand for Crystal’s compliance services. Stablecoins, which represent the most widely used crypto assets, accounted for over 50% of on-chain transaction volume to or from centralized services between July 2022 and June 2023, according to “The Chainalysis 2023 Geography of Cryptocurrency” report.
Gupta believes that the recent introduction of spot Bitcoin ETFs will reinforce institutional confidence in the crypto market. For the first time in Bitcoin’s history, these ETFs will attract a consistent flow of non-speculative investments, thereby legitimizing the asset class in the eyes of global regulatory authorities. Additionally, institutional investors have begun to view the asset class more favorably. Gupta expects this development to serve as an incentive for ETF issuers, such as BlackRock, to launch additional funds.
According to a report by CryptoQuant, an on-chain data analytics firm, around 75% of new Bitcoin investments originate from the 10 spot Bitcoin ETFs. As a result, concerns have arisen regarding the 27% yield promised by Ethena USDe following the launch of its mainnet.