Key Takeaways
- Chainalysis has expanded its XRP Ledger functionality with automatic token recognition.
- This enhancement will allow better tracking and identification of tokens on the XRP Ledger network.
Chainalysis has expanded its blockchain analytics support for XRP Ledger (XRPL), adding automatic recognition for over 260,000 tokens on the network, including fungible, non-fungible, and multi-purpose tokens, according to a Monday announcement.
The integration enables monitoring of XRPL tokens through Chainalysis KYT (Know Your Transaction) with real-time alerts and continuous tracking.
Users can access the expanded capabilities through the company’s entity screening products and Reactor investigations tool to track fund flows, investigate transactions, and detect potential illicit activity.
XRPL, operating since 2012, has processed more than 3.3 billion transactions across over 90 million blocks. The network maintains nearly 200 validators, with Ripple serving as a key contributor. Its native token, XRP, consistently ranks among the top 10 digital assets by market capitalization.
Enhanced support covers new fungible tokens (IOUs), non-fungible tokens (XLS-20), and multi-purpose tokens (MPT) similar to the ERC-1155 standard. The number of supported tokens continues to grow as new ones are minted on the blockchain.
Source: https://cryptobriefing.com/chainalysis-xrp-ledger-automatic-token-recognition/
