Coinbase, an American cryptocurrency exchange, has introduced the Coinbase Intelligence, a growing suite of products the firm said it had developed “in an effort to address the compliance needs of financial institutions, crypto businesses, law enforcement agencies and corporations new to crypto.”
The crypto exchange announced the suite of products on Thursday in a blog post on its website.
“Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors,” it said in the post.
The announcement is coming a few days after Coinbase released the beta version of its non-fungible token (NFT) marketplace with a vast collection of NFTs in the Ethereum blockchain.
As part of the product suite, Coinbase introduced the Coinbase Know Your Transaction (KYT) as well as upgraded its existing internal data analytics tool, Coinbase Analytics, now renamed to ‘Coinbase Tracer’.
The American exchange explained that KYT is a transaction screening tool that financial institutions and crypto businesses can use to proactively manage risk based on its proprietary risk scoring system.
Coinbase further explained: “Using Coinbase KYT application programming interface, businesses can automate real-time transaction monitoring for millions of transactions by generating risk scores for addresses; receive alerts to enable proactive risk management if there are changes to risk profiles; easily configure rule engines and unique risk insights into existing third party case management tools; and screen transactions for anti-terror financing and other anti-money laundering-related flags at scale.”
From Analytics to Tracer
Also, the distributed company noted that its firsthand experience with the challenges of crypto compliance pushed it to build the Coinbase Tracer as a product it was confident of offering to other scaled organizations.
With Coinbase Tracer, the exchange explained, organizations can link their activities to real-world entities and visualize the flow of funds using public attribution data.
They will also be able to reduce fraud, demystify counterparty risk and help flag anti-money laundering risks with the Tracer’s sophisticated risk scores and alerts.
Additionally, the Tracer empowers organizations to identify action points for intervention with seamless integrations with other case management tools and transaction monitoring systems.
“After many evolutions, we realized Coinbase Analytics is capable of analysis and much more, which is why we’re changing the name to Coinbase Tracer,” Coinbase wrote.
“We’ve also updated our user interface to be more user friendly, visually engaging, and in-line with our other Coinbase products,” the exchange added.
Meanwhile, Coinbase was recently in talks with 2TM, the operator of top Brazilian crypto trading platform, Mercado Bitcoin, to acquire the platform.
