Blockchain analysis company Chainalysis has partnered with Brazilian bank, Banco Topázio, to promote due diligence on cryptocurrency-related businesses, according to a Monday release.
The collaboration is part of Topázio‘s effort to promote the growth of the cryptocurrency industry in Brazil as the country is yet to finalize its crypto regulation.
The partnership agreement allows Banco Topázio to adopt Chainalysis’ crypto investigations solution dubbed Chainalysis Reactor to improve the bank’s security and integrity when dealing with crypto entities with additional banking services such as foreign exchange
The investigation software helps cryptocurrency transactions to connect with real-world entities. As such, cryptocurrency businesses and law enforcement will be able to combat criminal activities on the blockchain.
“We are constantly evolving our exchange processes, seeking technological excellence, a qualified team, and application of the best market practices. And the partnership with Chainalysis contributes a lot in this process, further strengthening the security and integrity of our operations with cryptocurrency,” Lia Thomazzi Susin, the Exchange manager of Topázio said.
Acknowledging the bank’s effort in promoting compliance and mass adoption of cryptocurrencies in the South American country, Jason Bonds, the Chief Revenue Officer of Chainalysis commented:
As one of the first financial institutions openly banking cryptocurrency businesses in Brazil, Banco Topázio is helping to lead the responsible growth of the cryptocurrency industry in Brazil. By working with us, Banco Topázio is setting the compliance standard ahead of the regulatory curve.
Raíssa Sanguinetti, an exchange analyst at Banco Topázio, also commented on the development saying, “Chainalysis Reactor helps us validate our customers’ activity through the monitoring and analysis of their transactions, all publicly registered on the blockchain.”
Chainalysis is recognized for its expertise in detecting sophisticated cryptocurrency crime and money laundering with its unique tactics, techniques, and procedures. Just recently, the company launched a Real-time alert to identify suspicious crypto transactions quickly.