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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.