Blockchain startup ConsenSys AG today launched a new compliance service designed to help exchanges and decentralized finance projects analyze trading activities of tokens issued on the Ethereum blockchain.
Called Codefi Compliance, the automated service scans blockchains for regulatory compliance including anti-money laundering, countering the financing of terrorism and “know your customer” guidelines and legal requirements.
The service offers what ConsenSys describes as “know your transaction,” which it said delivers next-level compliance analysis. KYT is designed to preserve the privacy of customers by evaluating behaviors of a particular address rather than the identity of participants, ensuring transactions can remain anonymous while complying with regulations.
Codefi Compliance also offers clients tools for risk assessment, risk management and risk investigations. From a unified backend control panel, users can manage global operations from one account including adjusting compliance settings according to jurisdiction. Operating in real time, clients can see oversight and risk status for all digital assets, including support for filters for various tracking options.
The new service is available for all clients who use an Ethereum blockchain, but ConsenSys is particularly pitching the product at exchanges and decentralized finance projects. The service can track up to 280,000 different digital assets with support for the most widely used token standards such as ERC20, ERC721, ERC179 and ERC777 along with stablecoins including DAI, USDC and Tether. The service also has support for ETH 2.0, the planned Ethereum network that is expected to start rolling out later this year.
“Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance,” Lex Sokolin, global co-head of ConsenSys Codefi, said in a press release. “Codefi Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets.”
The new service is part of a return to form for ConsenSys, which struggled a few years back, including laying off 50% to 60% of its staff in December 2018. The company was previously in the news Feb. 11 when it announced the Skale Network, a decentralized ledger blockchain platform for securely scaling up Ethereum-based distributed applications.
Image: ConsenSys
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