Chainalysis, the blockchain analysis company, and Fireblocks, an enterprise-grade platform for storing, transferring, and issuing digital assets, announced a partnership to help financial institutions and cryptocurrency businesses ensure the transfer of digital assets is secure and compliant with regulatory anti-money laundering (AML) best practices. Starting today, the Fireblocks platform will utilize Chainalysis KYT (Know Your Transaction) to monitor cryptocurrency transactions in real-time, setting a new security and compliance standard for its customers.
Fireblocks’ customers– cryptocurrency exchanges, banks, liquidity providers, market makers, custodians, lending platforms, and more – will now be able to leverage both platforms through the Fireblocks interface and API. The integrated software solution will send and receive AML approved funds, customize transaction policies based on assigned risk scores, and automatically log AML transaction reports to share with regulatory authorities.
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“Both security and compliance are integral to building trust in the cryptocurrency industry,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “By bundling product offerings with our integration partners through the Chainalysis Partner Program, we are ensuring our customers adhere to security and AML best practices, ultimately making cryptocurrency more accessible for all.”
“Fireblocks and Chainalysis share the belief that building safe and robust infrastructure for the cryptocurrency ecosystem is critical for institutional adoption,” said Rob Salman, VP, Head of Business Development at Fireblocks.
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Fireblocks provides financial institutions with a secure and scalable MPC-based wallet infrastructure and a digital asset transfer network for instant settlement, and asset rebalancing across 25+ exchanges. Chainalysis KYT helps financial institutions and cryptocurrency businesses monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis. Real-time alerts on the highest-risk activity allow compliance teams to focus on the most urgent activity and fulfill their regulatory obligations to report suspicious activity. By integrating with Chainalysis KYT, Fireblocks will further automate workflows for financial institutions and cryptocurrency businesses, in this case to satisfy regulatory requirements.
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