AnChain.AI Partners with Algorand, Providing Powerful Web3 Risk Controls for Algorand Developers

SAN FRANCISCO, Oct. 10, 2022 /PRNewswire/ -- Algorand, the world's most powerful and sustainable blockchain, is now fully accessible within AnChain.AI's AI-powered web3 risk prevention and security platform.

Through enablement on the AnChain.AI platform, Algorand is laying the foundation for payments fraud prevention, FATF compliance, and a risk-based approach to blockchain development for all of its developers. Now VASPs and developers building on Algorand can remain confident that they are building wholly secure and compliant products from day 1.

AnChain.AI's capabilities around blockchain intelligence and security have been an important backstop for regulators such as the US SEC (Securities and Exchange Commission), exchanges, hedge funds, and other VASPs. Now anyone leveraging Algorand can take advantage of AnChain.AI technology to maintain a wholly secure and compliant operation.

"As the rails for the financial system continue to adopt blockchain technology, more effective technologies such as Algorand call for more effective risk management" said Victor Fang, Ph.D, CEO of AnChain.AI. "AnChain.AI's powerful artificial intelligence and Web3 analytics suite will empower the developers of tomorrow to meet this institutional demand."

The 26 million plus wallets and 100s of millions of transactions on the Algorand "FutureFi" blockchain are now monitored for suspicious activity and fraudulent transactions thanks to AnChain.AI. Users and developers can access powerful AnChain.AI intelligence to enhance decision making about compliance checks, incident response, and build applications with risk prevention.

Algorand's deployment of AnChain.AI on top of its cutting edge blockchain infrastructure further positions it for long-term success, and solidifies its dedication to sustainable and powerful blockchain development.

‍The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the "blockchain trilemma" by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.

The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit algorand.foundation 

AnChain.AI (San Francisco) is an AI-powered cybersecurity company enhancing Web3 security, risk, and compliance strategies. AnChain.AI was founded in 2018 by cybersecurity and enterprise software veterans from FireEye and Mandiant. Backed by both Silicon Valley and Wall Street VCs, and selected in the Berkeley Blockchain Xcelerator, the company is trusted by 100+ customers from over 10+ countries in these sectors: VASPs, financial institutions, and government, including the U.S. SEC (Securities and Exchange Commission). Featured by CBS News, MIT Tech Review, Coindesk, and DEFCON, AnChain.AI's AML engine screens over $1 billion in daily crypto transactions.

SOURCE AnChain.AI