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Chainalysis Help Dapper Labs to Improve their Business and Compliance Decisions
Fremont, CA: Chainalysis is a blockchain data platform that offers software, data, services, and research to government agencies, financial institutions, exchanges, and cybersecurity companies all over the world. The company has entered into a long-term partnership with Dapper Labs, creator of CryptoKitties and NBA Top Shot, to use Chainalysis products to power their business and compliance decisions. Dapper Labs turned to Chainalysis to gain a better understanding of the transactions taking place on their platform in order to implement comprehensive compliance as well as a regulatory management process.
As the NFT ecosystem expands and transforms, market leaders like Dapper Labs are bringing fresh and engaging experiences to the blockchain to encourage wider adoption. However, increasing consumer access to cryptocurrency necessitates a careful examination of the funds used to purchase NFTs, as well as the use of a comprehensive compliance monitoring solution capable of detecting and preventing NFT money laundering and market manipulation.
Chainalysis KYT and Chainalysis Reactor, the two cryptocurrency compliance tools at the forefront of this collaboration, enable companies like Dapper Labs to use Chainalysis data to manage a wide range of their current compliance requirements. Chainalysis KYT detects risky and illegal activity in real-time, while Chainalysis Reactor allows for more in-depth investigations into those transactions. Dapper Labs can use these tools to gain a better understanding of the funds being utilized to purchase NFTs to combat criminal activity on the blockchain.
"Ultimately, our team at Chainalysis is preparing for a world where all types of value will flow on blockchains: art, gaming, business transactions, and other other uniquely engaging digital experiences," commented Jonathan Levin, Co-Founder, and Chief Strategy Officer, Chainalysis. "We are excited to partner with a market leader in bringing the world of entertainment onto the blockchain, and look forward to helping Dapper Labs scale its compliance processes as the company pioneers new consumer use cases."
"NFTs are one of the most exciting spaces in cryptocurrency, but they will only be successful in the long-term if we can ensure a safe environment for our customers," remarked Naeem Bawla, Associate Director of Compliance, Dapper Labs. "We're thrilled to partner with Chainalysis to keep potential bad actors off our platform, combat money laundering, and at the same time, stay on top of the quickly-evolving local and global regulatory and compliance space. We look forward to partnering with Chainalysis as we bring new digital engagement opportunities to market on the back of the success of NBA Top Shot and CryptoKitties," stated Lana Schwartzman, Chief Compliance Officer, Dapper Labs.