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Crystal Blockchain announced on Monday that former Ripple Managing Director Navin Gupta has been appointed as the new CEO. Marina Khaustova, who has been the company’s president for the past five years, will now serve as deputy president.
Crystal provides transaction tracking software to companies and government agencies, competing with rivals like Chainalysis, Elliptic, Coinfirm, and TRM Labs. Founded by Bitfury in 2018, the Netherlands-based Crystal is of Ukrainian origin.
Gupta is based in the United Arab Emirates and indicates on his LinkedIn profile that he has worked for more than seven years as an executive director in charge of South Asia, the Middle East and North Africa at Ripple. According to the company’s announcement, Gupta will now take on the task of expanding Crystal’s operations in the region.
Developments like the latest spot bitcoin ETF increase the expectation that regulators will demand more data tools.
Gupta says “As adoption continues to increase, we continue our commitment to adapting to changes using new age technologies. Regulators need top intelligence and the latest technology tools to guide these changes, and traditional financial institutions want to manage risks effectively as they enter the digital assets market.”
Bitfury board member and former Controller’s Office head Brian Brooks says that recent developments such as the approval of the Bitcoin ETF will accelerate crypto adoption and increase the need to monitor malicious actors and crimes associated with crypto.
Khaustova says, “As Crystal grew from a small Kiev engineering team to a leader in the EU’s crypto compliance market, my role also evolved. With Navin joining as CEO, his expertise and vision animate our mission to expand into the MENA and APAC region, a critical battlefield that animates our mission.”
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