- CoinField has partnered up with the blockchain analysis company Chainalysis to find solutions to stop money laundering.
- CoinField will use Chainalysis’s chainalysis reactor to monitor and conduct any further investigations into any suspicious activity.
CoinField has partnered up with the blockchain analysis company Chainalysis to find solutions to stop money laundering. CoinField is European based and fully regulated crypto exchange that has operations in 193 countries around the globe.
They also have more than six fiat deposit and withdrawal options with a wide range of cryptocurrencies ranging from Bitcoin, Ethereum, XRP, Stellar Lumens, Litecoin, Bitcoin Cash, DigiByte to many more.
Chainalysis, on the other hand, is a company that creates transparency for a global economy that is built on blockchains and allows banks and governments to have a common understanding of cryptocurrency. It’s uses in today’s world and the future.
The solution these companies are looking at includes a system called the chainalysis’s KYT which means ‘know your transaction’. This software will detect and prevent money laundering and illicit activity in real-time ranging from multiple cryptos, which include Bitcoin and Bitcoin Cash, Litecoin, Ethereum amongst the others.
CoinField will also use Chainalysis’s chainalysis reactor to monitor and conduct any further investigations into any suspicious activity.
-said Jason Bonds, Chief Revenue Officer, Chainalysis.
Since the beginning of the cryptocurrency hype, there has been a concern about crimes and money laundering. Only recently there was a bill passed in the state of New Jersey in the United States of America which proposed making crypto transactions safer and better regulated.
Similar bills have been earlier considered by some other states as well in the U.S. But now with the move that CoinField and Coinalysis have taken, it might just be possible to make crypto better regulated without the need for intervention of governments and law-making bodies.