April 28, CipherTrace launches Armada, a product designed to eradicate dangerous cryptocurrency blind spots for banks and monetary establishments.N
April 28, CipherTrace launches Armada, a product designed to eradicate dangerous cryptocurrency blind spots for banks and monetary establishments.
Not like different merchandise by CipherTrace and lots of related merchandise by its opponents, Armada focuses on the off-chain knowledge as a substitute of on-chain knowledge. It may work in tandem with banks’ present monitoring instruments:
“To determine transactions with digital asset service suppliers (VASPs), together with these with weak KYC or working as unregistered cash service companies (MSBs).”
The press launch additional says that with the discharge of Armada, CipherTrace goals to supply:
“Vital visibility into dangerous cryptocurrency blind spots so know your buyer (KYC) processes can detect and carry out due diligence on digital asset service suppliers (VASPs).”
Most full protection
In an announcement to Cointelegraph, John Jefferies, chief monetary analyst for CipherTrace, emphasised that his firm has probably the most correct knowledge:
“CipherTrace has probably the most correct knowledge attribution protection tying real-world entities to crypto addresses, enabling Armada to hyperlink banking knowledge and billing descriptors to entities, which is an enormous differentiator from opponents as a result of it’s vital for transaction matching.”
In line with the corporate’s press launch, Armada can conduct KYC to find out VASPs and unregistered MSBs, allow “enhanced due diligence of high-risk digital asset funds,” and uncover counterparty danger related to a whole lot of such companies. CipherTrace’s database incorporates over 500 companies concerned in digital asset transactions.
Jefferies elaborated on how CipherTrace defines “high-risk digital funds”:
“Dangerous entities embrace sanctioned entities, identified prison actions and thefts, darkish markets, higher-risk exchanges, HYIP scams, malware, ransomware, and mixers.”
CipherTrace works towards dictators
This information comes days after Andreas Antonopoulos accused corporations like CipherTrace of serving to: “The world’s worst dictators and regimes, both instantly or not directly, with data that violates the civil rights of tens of millions of individuals.”
Responding to Antonopoulos’ accusations, Jefferies said that CiptherTrace’s merchandise goal to disrupt dictators and oppressive regimes:
“CipherTrace helps banks and different monetary establishments adjust to worldwide sanctions, anti-terrorist financing rules, and AML requirements. This kind of work is what prevents dictators and oppressive regimes from persevering with to fund weapons packages and different damaging enterprises.”
For Bitcoin (BTC) to achieve wider adoption throughout the mainstream economic system, will probably be pressured to adapt to the mainstream regulation, which can elicit the wrath of privateness advocates like Antonopoulos. Solely time will inform which aspect of the talk will prevail.