Ethereum Classic Labs (ETC Labs) has recently announced that it has partnered with Chainalysis, a blockchain analysis company, in order to offer Chainalysis KYT (Know Your Transaction).
ETC Labs provides funding and technical support for blockchain and digital asset startups from the ETC developer community. Chainalysis KYT is an automated transaction monitoring solution and training certifications platform.
The solution combines blockchain intelligence, an intuitive interface and a real-time API to reduce manual workflows whilst helping cryptocurrency businesses comply with regulations, both local and global.
Furthermore, the solution is able to detect high-risk activity from the Office of Foreign Assets Control (OFAC) sanctioned addresses and darknet markets, as well as scams and anomalous transactions.
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According to the statement from ETC Labs on Wednesday, via the collaboration between the two entities, Chainalysis will offer the ETX Labs startups, projects and grantees access to its subject matter experts on compliance and regulation.
Commenting on the partnership, Jason Bonds, CRO at Chainalysis said in the statement: “Compliance is critical for many cryptocurrency businesses, particularly those offering some form of exchange, custody, or other money services. But cryptocurrency compliance is complex, and it’s often a barrier to entry for founders starting a cryptocurrency business.”
With Chainalysis, digital asset companies can automate compliance and reporting, integrate with Chainalysis KYT via an API and conduct period reviews of their user base. The blockchain analysis company provides data and analysis to government agencies, exchanges and financial institutions across more than 40 countries.
Partnership between ETC Labs and Chainalysis Is a ‘Natural Progression’
“This partnership reflects a necessary resource and is a natural progression for our companies building on ETC; leveling the playing field for early-stage startups to successfully and responsibly build their companies while staying informed,” added James Wo, Founder and Chairman of ETC Labs in the statement.
The partnership with ETC Labs follows on from Chainalysis onboarding three new clients from Australia. As Finance Magnates reported, the company signed with the payments provider, Assembly Payments and cryptocurrency exchanges, CoinSpot and CoinJar.