Bittrex to Use Chainalysis’ Solution to Bolster Compliance

Crypto exchange Bittrex has inked a partnership deal with Chainalysis, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term intelligence platform, to boost the compliance solution on its platform.

Announced on Tuesday, the digital asset exchange will use Chainalysis’ know your transaction (KYT) solution to comply with the existing regulatory standards of its operating markets.

Commenting on the partnership, Jonathan Levin, co-founder and chief strategy officer at Chainalysis, said: “As we focus on building out our products to accommodate more Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term beyond Bitcoin, working with cryptocurrency exchanges that focus on offering a broad array of coins is mutually beneficial. Bittrex is dedicated to offering a breadth of cryptocurrencies to their customers and enforcing comprehensive compliance policies.”

Monitoring blockchain for suspicious activities

Chainalysis’ KYT solution monitors large volumes of cryptocurrency activity and identifies high-risk transactions. The exchange is planning to profile its user activities in terms of risks. With this, it can also prioritize transactions.

The blockchain intelligence firm’s solution supports 25 digital currencies including Ether, Bitcoin Cash, Litecoin, Tether, Maker, and Dai, and has plans to add more to the list.

“As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our commitment to compliance,” Bill Shihara, chief executive of Bittrex, said. “Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior.”

Chainalysis is one of the heavily funded blockchain startups and to date has raised over $53 million, according to CrunchBase. After securing $30 million in Series B funding round earlier this year, the company also nabbed $6 million in funding from Mitsubishi UFJ Financial Group (MUFG) and Sozo Ventures as a strategic investment.

The New York-based company’s client list also includes Binance, one of the largest global crypto exchanges in terms of adjusted volume.