Fireblocks Partners Chainalysis To Improve Regulatory Compliance
By RTTNews Staff Writer | Published: 6/16/2020 10:26 AM ET
Enterprise-grade crypto-platform Fireblocks has teamed up with New York-based blockchain analysis company Chainalysis for improving regulatory compliance and security standards for financial institutions and cryptocurrency businesses.
Fireblocks is an institutional platform for securely storing, transferring, and issuing blockchain-based digital assets. It moves more than $2.5 billion in crypto per month since launching out of stealth mode in June.
Some of the largest financial institutions in the crypto market that utilize Fireblocks to store and transfer digital assets across their entire ecosystem include Celsius, Amber AI, Genesis Global Trading, Galaxy Digital, Woorton, Dunamis, GSR, Blockfills and more.
The partnership will enable Fireblocks to ensure that these institutions transfer digital assets securely and compliantly by adhering to security and regulatory anti-money laundering (AML) best practices.
Fireblocks provides financial institutions with a secure and scalable MPC-based wallet infrastructure and a digital asset transfer network for instant settlement, and asset rebalancing across more than 25 exchanges.
For this, the Fireblocks platform will integrate Chainalysis KYT (Know Your Transaction) compliance software to monitor cryptocurrency transactions in real-time to aid in detecting illicit transactions and to set a new security and compliance standard for its institutional customers.
The compliance software raises live alerts on transactions involved in suspicious activity by using a combination of pattern recognition, proprietary algorithms, and open source references.
Fireblocks' customers will now be able to leverage both platforms through the Fireblocks interface and API. The integrated software solution will send and receive AML approved funds, customize transaction policies based on assigned risk scores, and automatically log AML transaction reports to share with regulatory authorities.
Chainalysis offers cryptocurrency investigation and compliance solutions to law enforcement agencies, regulators, and businesses to fight illicit cryptocurrency activity.
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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.
Article reposted on Markethive by Jeffrey Sloe