NEW YORK, June 11, 2020 /PRNewswire/ -- Chainalysis, the blockchain analysis company, today announced a partnership with the Algorand Foundation, the stewards of Algorand, the world's first, permissionless, Proof of Stake blockchain, that offers an open, global platform for building products and services in a Borderless Economy. Once the integration is complete, the Algorand Foundation will use Chainalysis KYT (Know Your Transaction) for transaction monitoring and compliance processes and Chainalysis Reactor for enhanced due diligence and investigations for the ALGO, its native token.
"Algorand is committed to providing an inclusive, transparent, and secure system for its global users," said Fangfang Chen, Chief Operating Officer, Algorand Foundation. "We needed a compliance partner that could not only help us adhere to regulations in Singapore where we are based but also global regulatory best practices. This will enable us to build the best transaction monitoring solution for the Algo token so that we can realize our mission of providing the world's first open, permissionless, pure proof-of-stake blockchain protocol securely and scalably."
"By putting proper AML transaction monitoring in place, Algorand is demonstrating its commitment to transparency, safety, and compliance," said Jason Bonds, Chief Revenue Officer, Chainalysis. "This is the commitment required to build trust and encourage both decentralized financial businesses and traditional finance and to embrace cryptocurrency in Singapore and across the world."
By leveraging Chainalysis KYT, cryptocurrency organisations like the Algorand Foundation can 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. Chainalysis Reactor assists cryptocurrency businesses to further investigate suspicious transactions and provide more detailed reporting on criminal activity such as fraud, extortion, and money laundering on the blockchain.
Through integration with Chainalysis KYT via an API, token issuers like the Algorand Foundation can monitor large volumes of activity and identify high-risk transactions on an ongoing basis. The user interface also allows them to quickly understand the risk profile of each token holder with up-to-date data, filtering them by the level of risk exposure to identify those that require the most immediate attention.
Chainalysis is the blockchain analysis company providing data and analysis to government agencies, exchanges, and financial institutions across 40 countries. Our investigation and compliance tools, education, and support create transparency across blockchains so our customers can engage confidently with cryptocurrency. Backed by Accel, Benchmark, and other leading names in venture capital, Chainalysis builds trust in blockchains. For more information, visit www.chainalysis.com.
About Algorand Foundation & the Algorand Blockchain
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand is the world's first open source, permissionless, pure proof-of-stake blockchain protocol, for the next generation of financial products. It removes the technical barriers that for years have undermined mainstream blockchain adoption: decentralization, scale, and security. With blocks finalized in seconds, Algorand is the first blockchain to provide immediate transaction finality. No forking. No uncertainty.
The Algorand Foundation is a not-for-profit organization that has a vision of a frictionless, Borderless Economy, built on public, decentralized blockchain technology. The Foundation envisions a wide breadth of applications being built on the Algorand protocol by a new, broader community of blockchain and mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner.
SOURCE Chainalysis, Inc.