Blockchain monitoring startup Elliptic provides anti-money laundering services to blockchain Zilliqa and cryptocurrency.
The partnership, announced Wednesday, means Elliptic based in London will monitor the transactions passing through Zilliqa, included in this Zilliqa upcoming Zil crypto and Singapore dollar is pegged XSGD stablecoin, set for release in December, according to a press release.
Their goal: to protect Zilliqa of risk by proving to the government and regulators around the world that users do not Zilliqa trafficking across their networks with potentially illicit funds.
Tom Robinson, chief scientist Elliptic, to CoinDesk through a spokesman that the company provides tools that allow the exchange and other companies to identify funds that are washed by tracking transactions.
“Our tools enable these services to identify whether funds are being laundered through their business, by tracing each crypto-asset transactions all the way through blockchain, to its source,” he said. “If these resources are one of our prohibited wallet had been identified before, businesses are alerted and can take steps to prevent money laundering from taking place.”
The announcement comes at a time of increasing pressure from the regulator. In June, the Financial Action Task Force launched its “Travel Rules” guidelines upping compliance measures for crypto exchange.
And although XSGD will be stablecoin Singapore-pegged, launched to coincide with the close scrutinization government stablecoin regime, including in the United States.
Elliptic own experience of routing out the activity. One of the early startups to provide tracking services crypto transaction, the company issued a report last week tie up $ 400 million in XRP for illicit activities such as Ponzi schemes.
“While the promise of the digital economy is one that is really interesting, it is also important that the standard established around security and compliance remain uncompromised,” Amrit Kumar, president Zilliqa, said in a statement.AML control adds another layer to blockchain Zilliqa. In June announced a smart support contract.
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