Ethereum Classic Labs partners with Chainalysis

By Pavithra R

Ethereum Classic Labs has announced a partnership with Chainalysis, the blockchain analysis company, to offer Chainalysis KYT (Know Your Transaction) an automated transaction monitoring solution, and training certifications platform at a reduced rate to its accelerator startups.

Through the partnership, Chainalysis will also offer the ETC Labs projects and startups and grantees access to its subject matter experts on compliance and regulation to help projects and companies scope their requirements.

“Compliance is critical for many cryptocurrency businesses, particularly those offering some form of exchange, custody, or other money services. But cryptocurrency compliance is complex, and it’s often a barrier to entry for founders starting a cryptocurrency business,” said Jason Bonds, CRO at Chainalysis.

Chainalysis KYT combines industry-leading blockchain intelligence, an easy-to-use interface, and a real-time API to reduce manual workflows while helping cryptocurrency businesses comply with local and global regulations. Chainalysis helps to:

• Automate compliance and reporting
• Offers easy integration and monitors large volumes of activity and identifies high-risk transactions in real-time across Ethereum Classic and other top cryptocurrencies,
• Performs periodic reviews of the user base, knowing that the latest data is seamlessly and automatically included.
• KYT detects many patterns of risky activity, from OFAC sanctioned addresses, darknet markets and scams to sanctioned addresses and anomalous transactions.

“This partnership reflects a necessary resource and is a natural progression for our companies building on ETC; leveling the playing field for early-stage startups to successfully and responsibly build their companies while staying informed,” said James Wo, Founder, and Chairman of ETC Labs.

Founded in 2014, New York-based Chainalysis is a blockchain analysis company offering cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses to fight illicit cryptocurrency activity. The company serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses, providing data, software, and expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures.