Bitcoin ETFs Drive Institutional Adoption and Company Growth: Crystal CEO Navin Gupta

Crystal Intelligence's newly appointed Navin Gupta expects the blockchain intelligence firm's growth to continue through 2024.

In an interview with Cointelegraph, Gupta said he expects the company's growth to accelerate as the unregulated portion of the crypto industry shrinks with the adoption of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States. , which has led to an increase in the number of companies applying for operating licenses, according to Gupta. he said:

Hundreds of firms were waiting in the permit queue, and are holding regulatory talks with the regulator to ensure they get a permit. Each regulated entity needs to demonstrate to the regulator that they have compliance software, monitoring and anti-fraud compliance…”

Crystal Intelligence provides blockchain analytics and investigative and compliance solutions for institutions and regulators. By 2023, the company's global customer base has doubled, with Crystal Products now serving more than 50,000 organizations, according to a press release shared with Cointelegraph. The company was founded in 2017 by Bitfury.

According to Gupta, the growing adoption of Stalkcoin is expected to increase demand for Crystal's compliance services.

“[Stablecoin payments] They are valuable cross-border transfers. Therefore, there is a similar travel guide that most transaction control rules should apply, which will bring a new number of customers who want to receive or pay with stablecoins.

Stablecoins are the most widely used crypto assets, accounting for more than 50% of on-chain transaction volume between July 2022 and June 2023.

Bitcoin ETFs strengthen institutional confidence in crypto.

According to Gupta, the recently launched spot Bitcoin ETFs will bring a steady stream of non-speculative investment for the first time in Bitcoin history, legitimizing the asset's status in the eyes of global regulatory authorities. According to Gupta, institutional investors are starting to look at the property segment more favorably.

“[Institutional adoption] It's happening. BlackRock manages trillions of dollars, and Bitcoin is a tiny fraction of that. But they've already bitten their toes in the water, and the same goes for regulators.

Gupta expects to encourage ETF issuers like BlackRock to open more funds.

“BlackRock does that; its peers have to. It's a self-reinforcing cycle going forward. So we're very aggressive about this space.”

An estimated 75% of new Bitcoin investments come from the top 10 Bitcoin ETFs, according to a report by blockchain data analytics firm CryptoQuant.

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