Blockchain intelligence and analytics startup Chainalysis has announced the launch of the suspicious cryptocurrency transactions alerts solution. The alerts will be in real-time and will span 15 cryptocurrencies, the company revealed on August 22. The new solution is part of the Chainalysis Know Your Transaction (KYT) suite of products which are designed to help businesses mitigate exposure to risky crypto transactions. The product is in use by some top banks and other financial institutions, cryptocurrency exchanges and some government departments. Chainalysis KYT provides real-time monitoring of crypto transactions to identify high risk behavior. With the upgrade, alerts will be generated whenever a crypto transaction involves a risky counterparty or crosses a certain value threshold. The platform will assess transactions based on service, category, direct and indirect exposure, direction of funds and amount. The alert levels will range from low and medium to high and severe. The alerts will be available for all 15 cryptos supported by Chainalysis, with the startup promising to add support for more other cryptos soon. When investigating matters to do with cryptos, every minute counts, believes Chainalysis vice president of product, John Dempsey. He commented, “As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices. Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies." The alerts functionality will come built directly into the Chainalysis API. Moreover, businesses can customize the risk parameters such as the value threshold based on the business’ policies, helping to allocate resources accordingly. Michael Breu, the chief compliance officer of crypto exchange Gemini commented, “As a New York Trust company we are required to monitor transactions on and off our platform. Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini's own compliance policies, help us meet our regulatory obligations." The New York-based startup has continued to develop tools that help fight crime in the crypto industry. It currently lists the FBI, the IRS and Europol as some of its clients. With regulatory scrutiny on the crypto industry ever increasing, the company’s services have continued to be highly-sought, helping the company to grow bigger and attract investment. In February this year, the startup raised $30 million in Series B funding led by Accel and Benchmark Capital.