Reap joins Chainalysis to strengthen its Compliance and Risk Management
By Gloria Mathias
Reap, a payment technology company specialising in bridging Web2 & Web3 finances, has announced its collaboration with the blockchain data platform Chainalysis.
Reap is utilising Chainalysis risk solutions that provide advanced transaction monitoring and robust illicit activity detection capabilities for the blockchain, ensuring the utmost protection for Reap’s user funds in the ever-changing digital landscape.
By enabling Reap to trace the sender’s journey, Chainalysis enhances visibility and enables the detection of abnormal flows at any stage of the transaction process, emphasising the exceptional transparency offered by blockchain technologies.
The global surge in digital currency adoption necessitates a comprehensive solution that ensures strict governance, transaction monitoring, and risk management to combat money laundering and other illicit activities. To address this, Reap has amplified its transaction processing capabilities and client protection by utilising Chainalysis risk solutions and its tools to enable real-time transaction monitoring and risk identification, bolstering Reap’s ability to mitigate potential risks.
Furthermore, Chainalysis seamlessly integrates with Fireblocks, which serves as Reap’s custodian wallet. As a result, all transactions passing through Fireblocks are automatically screened by Chainalysis, promptly flagging any suspicious fund flows.
Kevin Kang, Co-Founder of Reap, stated, “Digital assets often face negative connotations, and Reap aims to dispel any doubts within the industry as global trends steer towards mass adoption. Collaborating with Chainalysis and leveraging their world-class technology allows us to strengthen Reap’s international connectivity. We are committed to upholding the highest compliance standards while remaining agile to meet our clients’ evolving business needs.”
“Blockchain is powering a growing wave of innovation, such as with Reap’s payment solutions, and risk management is an important step to advancing the industry and building trust in the technology. We are excited to be working with Reap to enable them to confidently manage risks while protecting customers, increasing consumer trust, and strengthening brand reputation,” said Diederik Van Wersch, Regional Director, ASEAN & Hong Kong.
By employing Chainalysis’s advanced technology, Reap strengthens its ability to detect and prevent illicit fund flows, thus safeguarding users and the broader Web3 community.
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