Palantir 'Super Excited' About New Crypto Security Software, Says All Clients 'Welcome To Pay Us In Crypto'

Palantir Technologies Inc PLTR Chief Operating Officer Shyam Sankar said at the company’s third-quarter earnings call that the company was going to be a “massive accelerant” for cryptocurrency businesses. 

What Happened: “We are super excited about Foundry for Crypto. We see a unique fit with fast-growing crypto companies that need industrialized compliance solutions,” Sankar said.

Foundry, software by the Peter Thiel-founded company, is an enterprise data management platform. This year, the company released “Foundry for Crypto” which, as per Palantir, offers cryptocurrency companies “cutting-edge technology.”

Sankar touched on what Palantir could offer the cryptocurrency companies.

"We think we're going to be a massive accelerant for crypto companies. We're going to give them credible AML platforms to enable them to go toe-to-toe and beyond with the legacy players.”

Why It Matters: Palantir began to accept Bitcoin BTC/USD as a payment option in May.

Sankar at the earnings call said that cryptocurrency companies were welcome to pay Palantir in "crypto," instead of just specifically mentioning Bitcoin.

“We're going to deliver compliance so they can focus on disruption. And of course, they are welcome to pay us in crypto.”

Last month, Thiel said he should have purchased more Bitcoin at a gathering hosted by policy think tank Lincoln Network.

“You’re supposed to just buy Bitcoin,” said Thiel — adding, “I feel like I’ve been underinvested in it.”

On Tuesday, Palantir released Q3 numbers and reported revenue growth of 36% year-over-year to $392 million beating a consensus of $385 million.

Price Action: On Tuesday, Palantir shares closed 9.35% lower at $24.25 in the regular session and fell nearly 0.6% in the after-hours session at $24.10. 
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