CoinField Taps Chainalysis’ KYT for Real-Time Crypto Monitoring

Crypto exchange CoinField announced on Thursday its partnership with Chainalysis for the utilization of its anti-money laundering (AML) compliance solution.

The exchange will integrate the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term analyzer’s know-your-transaction (KYT) solution to prevent money laundering and other illicit activities with digital currencies on its platform.

Commenting on the prospect, Jason Bonds, chief revenue officer at Chainalysis, said: “CoinField's mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains. 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term globally.”

As explained in the press release, the KYT solution will allow the exchange to monitor volumes and identify high risks in real-time. It will also allow tracing of transactions on different blockchains and provides a graphical mapping of cryptocurrency transaction flow.

The exchange will also use Chainalysis Reactor to conduct further investigations into suspicious activity.

The growing market of blockchain analyzers

With the increasing need to comply with regulatory frameworks to prevent illicit activities, the demand for blockchain analyzers is continuously increasing. Also, exchanges have become the first choice of many hackers to liquidate ill-gotten funds.

Last week, Tether integrated the same solution by Chainalysis to bolster its compliance needs. It was also integrated by Bitfinex last year to monitor crypto transactions.

“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously. Chainalysis's compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients,” said Roberto Valdes, chief compliance officer (AML) at CoinField.