Chainalysis
has partnered with Banco Topázio, a Brazilian Bank that services traditional and Fintech clients, to conduct enhanced due diligence on the cryptocurrency businesses it provides with banking services, including foreign exchange, Bank as a Service API solutions, and deposits and withdrawals.
The investigations solution, Chainalysis Reactor, connects cryptocurrency transactions to real-world entities, enabling cryptocurrency businesses and law enforcement to combat criminal activity such as fraud, extortion, and money laundering on the blockchain.
Banco Topázio is investing in compliance technology and establishing best practices ahead of enforcement of FATF guidelines, although cryptocurrency regulation has not yet been finalized in Brazil. Through Chainalysis Reactor, financial institutions like Banco Topázio, law enforcement, and cryptocurrency businesses can quickly and efficiently identify suspicious transactions and connect them to real-world entities.
Jason Bonds, Chief Revenue Officer, Chainalysis, said: “As one of the first financial institutions openly banking cryptocurrency businesses in Brazil, Banco Topázio is helping to lead the responsible growth of the cryptocurrency industry in Brazil. By working with us, Banco Topázio is setting the compliance standard ahead of the regulatory curve.”
Lia Thomazzi Susin, Topazio Exchange Manager, commented: “We are constantly evolving our exchange processes, seeking technological excellence, a qualified team, and application of the best market practices. And the partnership with Chainalysis contributes a lot in this process, further strengthening the security and integrity of our operations with cryptocurrency.”
Raíssa Sanguinetti, exchange analyst at Banco Topázio, added: “Chainalysis Reactor helps us validate our customers’ activity through the monitoring and analysis of their transactions, all publicly registered on the blockchain.
Chainalysis has most recently partnered with Childly, a Korean cryptocurrency finance services startup, to provide support for Dove Wallet, its global cryptocurrency wallet service. Dove Wallet will use both Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor to conduct real-time blockchain transaction monitoring and transaction history analysis in order to ensure proper compliance as AML and Countering the Financing of Terrorism (CFT) requirements are implemented in jurisdictions around the world.
In late 2019, Chainalalysis launched new software designed to help financial institutions better understand the risks exposure with existing cryptocurrency activity and opportunities for investment. Going by the name of Chainalysis Kryptos, the tool was built on the reference data standard already trusted by government agencies across the world and more than 115 leading cryptocurrency businesses. Kryptos aims provides transparency into cryptocurrency markets so that players within the ecosystem are able to improve compliance, risk exposure and better offer banking services to cryptocurrency businesses, and build foundations for expansion into the asset class.
Since 2014, Chainalysis has secured over $56 million from leading investors including Accel, Sozo and MUFG.
