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Crystal Blockchain announced on February 19 that former Ripple general manager Navin Gupta will become its new executive chairman. The current CEO for the past five years, Marina Khaustova, will now serve as the business manager. Crystal, which provides transaction tracking software to companies and government agencies, competes with rivals such as Chainalysis, Elliptic, Coinfirm, and TRM Labs. The company, originally from Ukraine and based in the Netherlands, was founded by Bitfury in 2018.
A Significant Step by Crystal
LinkedIn profile indicates that Gupta lives in the United Arab Emirates and has been serving as Ripple’s general manager for South Asia, the Middle East, and North Africa for over seven years. The company’s announcement stated that Gupta will lead the expansion of Crystal’s operations in the region.
It seems that Crystal is positioning itself in anticipation of increased demand from regulators for data tools as a result of recent Bitcoin ETF developments. The company made the following statement on the matter:
“As we continue to see adoption increase, we are determined to leverage new-age technology to stay ahead of the curve. Regulators need superior intelligence and cutting-edge tools to guide these changes, and TradFi institutions are trying to effectively manage risks as they enter the crypto asset market.”
Noteworthy Statement from the Executive
Bitfury board member and former Office of the Comptroller of the Currency chairman Brian Brooks argues that the launch of the latest Bitcoin ETF will not only increase the adoption of the crypto sector but also the need to monitor bad actors and crimes related to crypto. Brooks stated in his remarks:
“Developments like the approval of the Bitcoin ETF have paved the way for both increased appetite for crypto assets and compliance tools to keep up with regulatory expectations.”
Former CEO Marina Khaustova will continue to serve in the company as a business manager, co-piloting with Gupta. Khaustova commented on the matter:
“As Crystal evolved from a small engineering team in Kiev to a leader in the EU’s crypto compliance market, my role also developed. Navin’s joining as CEO brings his expertise and vision in managing our expansion into the MENA and APAC regions, which are critical battlegrounds in the crypto space, energizing our mission.”
