Institutions seek detailed blockchain analytics for crypto adoption — Elliptic
To discover more about the tools and how they fit into broader cryptocurrency adoption, Cointelegraph sat down with Tom Robinson, the co-founder and chief researcher at analytics firm Elliptic; and Eray Akartuna, a senior cryptocurrency hazard expert at Elliptic.Cointelegraph: What are the normal usage cases you see for on-chain analytics for institutional clients?Tom Robinson: Anti-Money Laundering (AML) and sanctions compliance for crypto exchanges and other companies managing crypto assets: Our crypto transaction and wallet screening tools help businesses remain certified with guidelines and to minimize fraud.Due diligence on crypto businesses: Our Discovery product provides threat profiles of exchanges and other crypto services based on analysis of their blockchain deals. It is likewise utilized by crypto companies to investigate prospective illegal activity by their customers.CT: How is Anti-Money Laundering in crypto different from mainstream AML within banks for fiat?TR: The main distinction is that most crypto deals are noticeable on the blockchain. Wrongdoers now move their proceeds between properties, using decentralized exchanges; and in between blockchains, utilizing cross-chain bridges.We established holistic screening as a way of instantly tracing crypto funds in between blockchains and possessions.
To find out more about the tools and how they fit into more comprehensive cryptocurrency adoption, Cointelegraph sat down with Tom Robinson, the co-founder and chief scientist at analytics firm Elliptic; and Eray Akartuna, a senior cryptocurrency risk expert at Elliptic.Cointelegraph: What are the typical usage cases you see for on-chain analytics for institutional clients?Tom Robinson: Anti-Money Laundering (AML) and sanctions compliance for crypto exchanges and other companies managing crypto properties: Our crypto transaction and wallet screening tools help services remain certified with guidelines and to reduce fraud.Due diligence on crypto companies: Our Discovery product supplies risk profiles of exchanges and other crypto services based on analysis of their blockchain transactions. It is likewise used by crypto businesses to investigate possible illegal activity by their customers.CT: How is Anti-Money Laundering in crypto different from mainstream AML within banks for fiat?TR: The main distinction is that most crypto deals are noticeable on the blockchain. There are particular aspects of blockchain deals where we can use machine learning to understand or determine particular patterns. Bad guys now move their earnings in between assets, using decentralized exchanges; and between blockchains, using cross-chain bridges.We developed holistic screening as a method of immediately tracing crypto funds between assets and blockchains. Its essential that they understand how our blockchain analytics solutions function so that they can have confidence in the compliance programs run by the exchanges and banks that use our products.