Palantir Expecting Big Things From New Crypto Security Software

An executive for the data analytics software company said he thinks Palantir’s Foundry product will be a “massive accelerant for crypto companies.”

Nov 9, 2021 at 5:56 p.m. UTC
Updated Nov 9, 2021 at 6:19 p.m. UTC

Palantir Technologies (NYSE:PLTR) Chief Operating Officer Shyam Sankar said Tuesday he thinks the company’s new crypto software will be a “massive accelerant for crypto companies.”

  • Earlier this year Palantir, a data analytics software company that was co-founded by billionaire Peter Thiel, released its Foundry software to serve the cryptocurrency market.
  • “We are super excited about Foundry for crypto,” Sankar said on the company’s third-quarter earnings call, adding, “We think we’re going to be a massive accelerant for crypto companies.” He noted that the company’s clients are “welcome to pay us in crypto.”
  • Palantir sees itself being a fit for crypto firms that require “industrialized compliance solutions.” The company said it is leveraging its anti-money laundering and know-your-customer expertise for potential crypto-exposed clients.
  • In October, Palantir added blockchain data analytics firm Elementus to its Foundry for Builders Program, which provides startups with access to the flagship Foundry data intelligence software.
  • Overall for the quarter, Palantir met earnings estimates and beat revenue estimates, but the growth in its government revenue fell short of analyst expectations. Palantir shares were trading 8.8% lower Tuesday at $24.40.

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Tanzeel Akhtar is a CoinDesk news reporter based in the UK.

Michael Bellusci is CoinDesk's crypto payments reporter.