Palantir Expecting Big Things From New Crypto Security Software

Tanzeel Akhtar, Michael Bellusci
·1 min read

Palantir Technologies Inc. (NYSE:PLTR) chief operating officer Shyam Sankar said he thinks its new crypto software will be a “massive accelerant” for companies on the firm’s third-quarter earnings call Tuesday.

  • Earlier this year Palantir, a data and analytics firm co-founded by billionaire Peter Thiel, released its Foundry software to serve the cryptocurrency market.

  • “We are super excited about Foundry for crypto,” said Sankar during the earnings call, adding, “We think we’re going to be a massive accelerant for crypto companies,” adding that its 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 about 8.8% lower Tuesday at $24.40

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