Chainalysis
has 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.
Jason Bonds, Chief Revenue Officer, Chainalysis, commented: “We are seeing a lot of momentum in Asia Pacific as cryptocurrency businesses in that region adopt compliance solutions to fall in line with new regulations there and expand to new markets. By implementing transaction monitoring and augmenting its compliance capabilities, Dove Wallet is setting itself up for success on a global scale.”
Euntai Kim, CEO, Childly, said: “As we look to continue expansion efforts across the globe, having a compliance solution in place to not only meet today’s regulatory requirements, but scale in conjunction with ongoing ones is vital for us. Partnering with Chainalysis allows us to fulfill these obligations and mitigate risk across regions while providing a safer, more secure wallet experience for our users.”
The Chainalysis KYT allows cryptocurrency businesses to continually monitor large volumes of cryptocurrency activity and identify high-risk transactions with real-time alerts on the highest-risk activity. Its investigation tool, Chainalysis Reactor, assists in further investigating suspicious transactions and provides more detailed reporting for regulators and law enforcement on criminal activity such as fraud, extortion, and money laundering on the
blockchain.
Know Your Transaction (KYT) has been providing real-time transaction monitoring for large volumes of cryptocurrency activity to identify high risk behavior since being founded in 2014. Suspicious cryptocurrency transaction alerts are signaled whenever a transfer involves a risky counterparty and crosses a value threshold.
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.
