Israeli cybersecurity firm GK8 announced Sunday that it has partnered with blockchain analysis company Chainalysis to help financial institutions identify high-risk transactions including terrorism financing, money laundering and scamming. Users of GK8’s custody platform will now have the option to integrate with Chainalysis Know Your Transaction (KYT), a compliance solution that offers real-time transaction monitoring of large volumes of cryptocurrency activity to identify high-risk transactions.
“Money laundering is not just a huge issue for anyone in the blockchain ecosystem – it’s also a barrier that keeps traditional financial institutions from jumping on the crypto bandwagon,” said GK8 co-founder and CEO Lior Lamesh. “The integration of Chainalysis to our platform addresses this issue, providing banks with best-in-class technology to prevent money laundering attempts by criminals and terrorists alike. In the grand scheme of things, this partnership is a big step forward in legitimizing digital currency, turning it into a mainstream investment channel.”