Ontology has announced its partnership with Chainalysis. Specifically, Ontology will use Chainalysis’ compliance and investigative protocol to leverage trust and a safer trading experience.
Through Chainalysis’ Know-Your-Transaction (KYT) and Reactor mechanism, Ontology will boost its efficiency and internal compliance measures. Consequently, individual participants will have access to anonymous services within Ontology.
The partnership will pioneer customized crypto services and increase transaction level of monitoring within Ontology’s ecosystem. As a result, this to mitigate fraud, money laundering, financial risks, darknet market activities, and other illicit operations.
Chainalysis Chief Revenue Officer Jason Bonds Said,
By partnering with Chainalysis and putting anti-money laundering transaction monitoring in place, Ontology is demonstrating its commitment to compliance best practices. This not only aligns with global regulatory guidance but also with their mission to build trust and transparency through their unique blockchain.
The news came right after Chainalysis announced its relocation and the expansion of its operation to crypto-friendly Singapore and Japan. Aside from the above-mentioned functions, Chainalysis provides financial data for government agencies, fintech companies, and exchanges.
According to Ontology, the firm is building on Polkadot. With this, its Parity Technology will provide a Decentralized Identity (DEID) solution within the Ontology’s ecosystem. Finally, the firm will continue to pave the way by adding more blockchain innovations in the future.