Monitor transactions and prevent money laundering
The non-fungible tokens (NFTs) sector has attracted a lot of capital since the start of 2021. However, this success has brought with it some suspicious activity.
Thus, Dapper Labs, the startup behind the Flow blockchain, has decided to partner with Chainalysis to monitor the transactions and activity of its users on its NFTs platforms.
We’re excited to announce Chainalysis has partnered with @dapperlabs, the masterminds behind CryptoKitties
– Chainalysis (@chainalysis) October 7, 2021
“We are excited to partner with a market leader bringing the world of entertainment to the blockchain, and we look forward to helping Dapper Labs scale their compliance processes as the company pioneers new consumer use cases, ”said Jonathan Levin, co-founder of Chainalysis.
Behind this operation, Dapper Labs wishes to strengthen its compliance and prevent the fight against money laundering. In this sense, the products developed by Chainalysis will make it possible to track the funds used to purchase NFTs and to fight against illicit activities.
In practice, Dapper Labs intends to use the “Know Your Transaction” tool, the objective of which is to report risky activities in real time. The latter will be supplemented by the “Chainalysis Reactor” which makes it possible to launch investigations into these specific transactions.
“We are delighted to partner with Chainalysis to ward off potential bad actors from our platform, fight money laundering and, at the same time, stay at the forefront of the evolving local and global regulatory and compliance space. quickly, ”added Lana Schwartzman, Compliance Manager at Dapper Labs.
As a result, the startup that is behind NBA Top Shot wants to have a transparent platform, where each account is verified in order to offer safe products to its users.
Interestingly, this move comes a few weeks after the insider trading case involving an employee of OpenSea, one of the largest non-fungible token marketplaces.
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About the Author: Anthony Bassetto