Palantir Expecting Big Things From New Crypto Security Software

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.”

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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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