Thursday, 14 March 2024

Sumsub Integrates with Chainalysis to Strengthen Crypto Transaction Security

by Earn Media

Sumsub, a global verification provider, has integrated with Chainalysis, a blockchain data platform. This collaboration aims to enhance regulatory compliance, secure data storage, and automate crypto transaction monitoring for their clients.

By incorporating Chainalysis’ key management model, the integration facilitates a comprehensive approach for crypto exchanges, peer-to-peer marketplaces, and neobanks to monitor digital asset transactions efficiently through a unified dashboard, enabling advanced risk management analytics.

This partnership between Sumsub and Chainalysis responds to the increasing digital fraud in the crypto sector. This trend is underscored by Sumsub’s reports, which note a 128 percent increase in deepfake incidents in 2023, with the Asia-Pacific region experiencing a 1530 percent surge.

It also addresses the need for stringent compliance measures in response to tighter global regulations on digital assets, exemplified by recent actions from regulatory bodies in the Asia-Pacific region, including the Monetary Authority of Singapore and Hong Kong’s new crypto travel rule.

Sumsub Integrates with Chainalysis to Strengthen Crypto Transaction Security

Jacob Sever

“This partnership enables us to offer access to over one billion mapped addresses across multiple blockchains to those customers who use Sumsub’s Transaction Monitoring and Chainalysis crypto risk solutions,”

said Jacob Sever, co-founder and Chief Innovation Officer at Sumsub.

Ian AndrewsSumsub and Chainalysis

Ian Andrews

“By developing an integration between Sumsub’s platform and our crypto risk solution, we’re providing next-generation digital infrastructure for security and compliance controls in the crypto industry. Together, we are striving for the cryptocurrency economy to flourish,”

added Ian Andrews, Chief Marketing Officer at Chainalysis.

Featured image credit: Edited from Freepik

The post Sumsub Integrates with Chainalysis to Strengthen Crypto Transaction Security appeared first on Fintech Singapore.

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