Chainalysis is a blockchain analysis company founded on October 1, 2014, by 3 partners namely, Jonathan Levin, Jan Moller, and Michael Gronager and is having its headquarters in New York City, with an additional branch in Copenhagen, Denmark. The company provides investigation and compliance software solutions to the world’s leading businesses, banks, and governments across 40 countries, thereby aiding in the mass adoption of cryptocurrencies.
The company started with a software contract worth $9,000 for the FBI and focused only on signing for specialized agency teams. According to co-founder Levin,
We started off with smaller units within agencies who were focused on being able to deal with cybercrime and money laundering. What we found is that the different types of crime and illicit activity that these agencies need to be able to prevent means that our appeal has become much broader to those organizations, and our role has expanded. Our revenue is roughly a 50-50 split between the public and private sectors. The public split includes contracts with state-level agencies and governments overseas.
Products of Chainalysis
Chainalysis aims at developing anti-money laundering software for Bitcoin-based businesses. Its products include the following.
This stands for the Know-Your-Transaction kit that the company offers to monitor real-time transactions and to effectively comply with the anti-money laundering regulations. The CEO of Line Tech Plus, Youngsu Ko remarked,
Chainalysis’ compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. By adopting Chainalysis KYT, BITBOX will provide safe and secure trading experiences while demonstrating our commitment to compliance.
KYT helps to identify various high-risk patterns ranging from darknet markets to OFAC sanctioned addresses to scams and bizarre transactions.
This Chainalysis tool helps in providing complete cryptocurrency-based business profiles, based on KYC details and blockchain data. In fact, it is the reference data standard of the crypto market.
It is an investigation tool that has the potential to identify offenders by visualizing data and sharing results with the organizations.
It is a transaction-based risk combating solution, containing source and destination of funds that help to measure related risks to the business.
Apart from these, Chainalysis also offers diligence tools, for monitoring and reporting malicious activities, that helps the analysts to estimate the possibility of the emerging threats. It also offers verification of customers profiles who are engaged in Bitcoin business, to help identify cyber-criminals, and Bitcoin extortion payments (paid by the victims to the criminals as ransoms).
How Chainalysis can build trust in blockchain
Chainalysis helps in building trust and confidence in blockchains among people, financial institutions, exchanges, and governments. It develops and designs blockchain-based software that helps in the prevention, detection, and investigation of illicit activities like crypto money laundering, and compliance violations. The Intelligence team of Chainalysis powers the investigation software for these top institutions.
Chainalysis Inks Strategic Partnership with CoinField To Provide Anti-Money Laundering Compliance Solutions
CoinField, the European Fiat-to-Crypto exchange has entered into a strategic partnership with the blockchain analysis company Chainalysis to aid its mission of mass adoption of cryptocurrencies across all sectors of business. According to the agreement signed in by both the parties, Chainlysis would help CoinField with its Anti-Money Laundering compliance solutions. CoinField can use Chainalysis’ KYT(Know-Your-Transaction) software to detect illicit activities like money laundering that involves widely popular digital assets like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and others.
Moreover, this agreement also gives the liberty to CoinField to use the products of Chainalysis like the Reactor to move on with further investigations about any malicious and suspicious activities. In fact, the compliance tool Reactor helps in tracing transactions on different blockchain platforms thereby providing a graphical mapping of transaction flow for cryptos. Therefore, Chainalysis provides the most comprehensive and integrated transaction monitoring and cryptocurrency compliance solutions in the world. These anti-money laundering compliance solutions provided by the company will help the exchange and financial institutions to secure next-gen compliance frameworks.