When it comes to wealth analysis on high net-worth individuals (HNWIs), there is plenty to consider. Often these individuals have a lengthy, complex careers with diversified business interests. They might be politically exposed. Or they may operate in several high-risk jurisdictions.
All of this requires significant time and money. It can also mean a huge amount of paperwork passing back and forth between the prospect and the banker.
With the right information, it is possible to assess a prospect’s crypto journey from initial investment to cashing-out almost entirely with publicly available data.
In some recent instances, high-value portfolios are less than a year old, with prospects having ridden the wave on Solana through 2024,when the price of SOL, the chain’s native token, moved from $20 per token to over $250 per token at its height. Many memecoins created on Solana during that time rose far higher still, creating a slew of millionaires overnight.
The 2024 Solana (SOL) bull run
From a profile perspective, crypto investors tend to have a limited public footprint. They are overwhelmingly young, with little to no corporate track record and very few off-chain data points to grapple with.
And as the blockchain is tamper proof, it provides an ideal forum to obtain credible, high-confidence insights on a prospects’ activities.
Beyond the financial narrative, the blockchain is also source of reputational intelligence. With the right data, it can tell you whether a prospect has been exposed to a high-risk issue and in what way. It can show you how frequently they have been exposed to illicit activities and whether that exposure is direct or indirect.
Hoptrail combines off-chain data with on-chain analytics to offer deeper insight into a prospects’ trading ecosystem and whether they are dealing with reputable entities.
Combining wider data sets – such as corporate data, sanctions listings, licensing information, and financial crime checks – into wallet screening provides for an extremely powerful diligence tool for compliance professionals.
_Since we started Hoptrail in late 2021, we have onboarded over $1 billion in crypto proceeds to banks. The use of on-chain analytics in customer onboarding - what we call 'on-chain onboarding' - has reduced costs, saved time, and increased certainty on the outcomes.
But better yet is the collective time saved. In the past, clients have spent months onboarding crypto customers – and in some cases more than a year. We have reduced that time to weeks, saving _This has afforded clients the opportunity to onboard more crypto customers, and gain first-mover access to the next generation of wealthy entrepreneurs entering the global financial system.