Crystal Blockchain announced on Monday that former Ripple managing director Navin Gupta will be its new chief executive officer. Current CEO Marina Kaustova, who has led the company for the past five years, will become chief operating officer.
Crystal provides transaction tracking software to businesses and government agencies and competes with rivals such as Chaineries, Elliptic, Coinfirm and TRM Labs. The Dutch-based company with Ukrainian roots was founded in 2018 by Bitfury.
He said Mr. Gupta was based in the United Arab Emirates (UAE) and worked for Ripple as managing director for South Asia, Middle East and North Africa for more than seven years. LinkedIn Profile. He will now lead Crystal's expansion in the region, the company said in a statement.
Crystal appears to be positioning itself in anticipation of increased demand for data tools from regulators as a result of the recent Spot Bitcoin ETF.
“As adoption continues to expand, we are committed to leveraging new-age technology to stay ahead of the curve. Regulators are equipped with superior intelligence and cutting-edge tools to address these changes. “TradFi institutions are looking to effectively manage risk when entering the digital asset market,” said Mr.
Brian Brooks, Bitfury board member and former Commissioner of the Comptroller of the Currency, said the recent launch of a Bitcoin ETF will further accelerate cryptocurrency adoption and track bad actors and crypto-related crimes. They argue that the need will increase.
“Recent moves such as the approval of Bitcoin ETFs have set the stage for both growing demand for digital assets and compliance tools to keep pace with regulators’ expectations,” Brooks said in a statement. .
Former CEO Marina Kaustova will become chief operating officer “co-piloting” with Mr. Gupta, she told The Block in written comments.
“My role has evolved as Crystal has grown from a small team of engineers in Kyiv to a leader in the EU crypto compliance market,” Kaustova said, adding: Our entry into the MENA and APAC regions, key battlegrounds in the cryptocurrency space, energizes our mission. ”
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
