Chainalysis, the blockchain analysis company, today announced its partnership with Childly, a Korean cryptocurrency finance services startup, to provide support for Dove Wallet, its global cryptocurrency wallet service.
This partnership follows the ongoing introduction of new cryptocurrency regulations in jurisdictions around the world. Dove Wallet will use both Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor to conduct real-time blockchain transaction monitoring and transaction history analysis, further enhancing its anti-money laundering (AML) and know your customer (KYC) solutions.
By integrating Chainalysis' technology as part of its compliance workflow, Dove Wallet is ensuring proper compliance as AML and Countering the Financing of Terrorism (CFT) requirements are implemented in jurisdictions around the world.
"We are seeing a lot of momentum in Asia Pacific as cryptocurrency businesses in that region adopt compliance solutions to fall in line with new regulations there and expand to new markets," said Jason Bonds, Chief Revenue Officer, Chainalysis. "By implementing transaction monitoring and augmenting its compliance capabilities, Dove Wallet is setting itself up for success on a global scale."
"As we look to continue expansion efforts across the globe, having a compliance solution in place to not only meet today's regulatory requirements, but scale in conjunction with ongoing ones is vital for us," said Euntai Kim, CEO, Childly. "Partnering with Chainalysis allows us to fulfill these obligations and mitigate risk across regions while providing a safer, more secure wallet experience for our users."
By leveraging Chainalysis KYT, cryptocurrency businesses like Dove Wallet can continually monitor large volumes of cryptocurrency activity and identify high risk transactions. Real-time alerts on the highest-risk activity allow compliance teams to focus on the most urgent activity, enforce compliance policies, and better allocate resources.
Chainalysis Reactor, its investigation tool, assists cryptocurrency businesses in further investigating suspicious transactions and provides more detailed reporting for regulators and law enforcement on criminal activity such as fraud, extortion, and money laundering on the blockchain.