The blockchain analysis company, Chainalysis, collaborated with Coinfield, on February 20, 2020, so that the cryptocurrency exchange (Coinfield) could use its KYT (Know-Your-Transaction) technology to deal with anti-money laundering activities.
The software could detect illicit activities in real-time across multiple cryptocurrencies which include Bitcoin, Bitcoin Cash, Litecoin, etc. and would prevent them from it (illicit activities). As per the reports, the Coinfield would also use Chainalysis Reactor to investigate suspicious activity.
During the announcement, the Chief Revenue Officer of Chainanlysis, Jason Bonds said,
“We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally.”
Trace Transaction With Compliance Tool
According to the reports, with the help of a compliance tool, Coinfield could now trace the transactions on different blockchains and then graphically represent them for ease of understanding. Presently, Coinfield has been very serious about dealing with the illicit activities of cryptocurrencies.
The report further stated that Chainanlysis closely monitors the crypto transaction on every platform in real-time and therefore, it provided in-depth information about each transaction.
Chief Compliance Officer Talks About Collaboration
Recently, while appreciating the collaboration, the Chief Compliance Officer (AML), Coinfield, Roberto Valdes has stated that the KYT technology would allow the Coinfield to monitor and evaluate the activities of cryptocurrency and it would also help the cryptocurrency exchange to identify high-risk transactions. He further said that the compliance technology of Chanalysis would provide them (the crypto exchange) the best practices. Valdes felt very happy as both the companies come together to improve their products so that it could benefit their clients.
The report suggested that Chainalysis has been a significant player in the crypto industry and in recent time it has been providing the data which were related to crypto-theft.