Open-source blockchain company Ontology has announced integration with blockchain analytics firm Chainalysis as it aims to improve security and regulatory compliance.
Ontology will use Chanalysis’s compliance and investigative solutions including KYT and the Reactor, both of which have monitoring tools that help combat illicit activity.
Discussing the partnership, Andy Ji, Co-Founder of Ontology said: “Chainalysis’s commitment to building trust in blockchains is strongly aligned with our own values at Ontology where we are dedicated to providing our community and our ecosystem with the highest level of security and trust.
“Joining forces with Chainalysis allows us to further enhance our internal compliance measures through their high-level services such as Chainalysis KYT and Chainalysis Reactor. This integration also permits us to increase the level of transaction monitoring within the Ontology ecosystem and further mitigate against financial risks such as fraud and money laundering.”
Super great to be integrated with @chainalysis and their specialty in #compliance and investigative solutions. 📰 Trust will also be enhanced with their KYT and Reactor solutions! 🦺🦺 We look forward to continued additions to #Ontology's #blockchain! https://t.co/udFrRl6Iwa
— Ontology (@OntologyNetwork) October 20, 2020
Chainalysis also provides blockchain data to government agencies, exchanges and various financial institutions across the globe.
The software is used to monitor illicit activity ranging from fraud, the financing of terrorism and dark net market activity, as well as money laundering.
Jason Bonds, Chief Revenue Officer of Chainalysis, added: “By partnering with Chainalysis and putting anti-money laundering transaction monitoring in place, Ontology is demonstrating its commitment to compliance best practices. This not only aligns with global regulatory guidance, but also with their mission to build trust and transparency through their unique blockchain.”
The partnership with Shanghai-based Ontology comes after Chainalysis’ announcement that paved the way for expansion into the APAC region, with new offices opening in Singapore and Tokyo.
For more news, guides and cryptocurrency analysis, click here.