Wednesday, May 29, 2024

Qredo has added blockchain analytics to its FATF ‘Travel Rule’ offering.

Qredo has entered the ring of compliance solution, aiming to bring crypto assets in tandem with AML guidance (Anti-money Laundering). This guidance has been framed by FATF (Financial Action Task Force).

What is the “Travel Rule”

The guidance also goes by the name “Travel Rule”. According to FATF’s travel rule, custodians, trading desks and exchanges must submit personal identifiable information alongside their digital asset transactions.

A settlement technology and cryptocurrency custody company, Qredo managed to raise $80 million as funds in the beginning of this year. The company is more interested in interoperability, especially with popular solutions like TRP, TRISA, VerifyVASP, Sygna and Notabene. An atomic switch exists as an option for all counterparties, using Qredo’s MPC (Multi Party Computation) custody infrastructure.

As per Qredo’s head of compliance, Ben Whitby, this approach will plug into a variety of tools pertaining to Blockchain analytics. Many companies are already familiar with such a system. Some of these firms are Elliptic, Chainalysis, ComplyAdvantage, TRM Labs, VASPNet, Coinfirm and Crystal Blockchain.

Coming up with the Idea

The idea of combining APIs with compliance and trade work flows came to mind after Qredo spoke with many crypto firms about using the tools for Blockchain analytics. The company inquired the cost of training staff and the total amount of time spent learning the analytics tools.

Combining API’s with trade and compliance also makes processes more convenient. For instance, if an enforcement agency wishes to investigate your crypto transaction, you can prove that the transaction met all the rules and regulations. You do not have to open various files to take out proofs of sanction checks, beneficiary’s feedback, metadata transferring etc.FATF

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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