Chainalysis, the blockchain analysis company, announced its partnership with the Smart Contract Security Alliance (SCSA), an established collaboration of industry leaders that recommend security standards and guidelines for the blockchain. Chainalysis, which provides investigation and compliance technology to cryptocurrency businesses, financial institutions, and government agencies, will provide data-driven thought leadership with the alliance for businesses to better understand the risks and opportunities related to cryptocurrency crimes and markets.
“We are trying to build the standards,” said Richard Ma, CEO of Quantstamp, leaders in blockchain security who initiated the SCSA. “Over time, more companies will join the SCSA and provide part of their codes and policies; insights on cryptocurrency crime from the leading blockchain analysis company is a welcome addition to SCSA’s deep blockchain security expertise.”
“Chainalysis exists to build trust in blockchains, and one of our strategies to do that is to demonstrate their transparency by offering insights into cryptocurrency activity,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “We are excited to join the SCSA to further generate awareness of cryptocurrency’s use and misuse.”
Chainalysis KYT, its compliance tool, enables cryptocurrency businesses and financial institutions to monitor large volumes of cryptocurrency activity and identify high-risk transactions. Chainalysis Reactor, its investigation tool, assists law enforcement agencies in further investigating criminal activity such as fraud, extortion, and money laundering on the blockchain. Chainalysis Kryptos helps financial institutions vet new opportunities and navigate risks in cryptocurrency based on Know Your Customer (KYC) details and the industry’s most trusted blockchain data.