Crypto Wallets To Lose All Anonymity? Company Raises $7.5 Million To Make It Happen

Let’s face it, cryposal has always been seen as a secure haven for mischief makers and people looking to remain anonymous, but all of that might be changing soon.

A company called Privacy Tech recently raised $7.5 million dollars to create the world’s first secure crypto wallet that monitors transactions and will be compliant with rules instituted by governments and banks.

How Will This Affect Crypto?

This change could drastically alter crypto and the way people use it. Currently, crypto provides a level of anonymity as funds are sent directly from one wallet to another outside the jurisdiction of governments and banks. But with the advent of these new wallets, all of that could change.

Say Goodbye To Anonymity

Once these wallets are in use, all transactions can be tracked, analyzed and stored to prevent fraud, terrorist financing and identity theft. On the flip side, it also means that anonymity will no longer be an option. While governments will welcome this new crypto wallet with open arms, crypto lovers may not be so enthused.

So What Will Happen In The Future?

There are several possible scenarios that could arise:

  • Crypto and its anonymity features may be adopted by nations that do not yet use it

  • Governments will be able to track and monitor every transaction, making it a more regulated space

  • Private transactions with cryptocurrencies will become more difficult

  • Individuals may opt for other cryptocurrencies that still offer anonymity

The future of crypto wallets remains up in the air, but one thing is certain: companies like Privacy Tech are pushing to make crypto a more regulated and transparent space. Who knows, maybe one day we’ll all be using crypto to pay our bills and buy groceries without worrying about anonymity.