Ethereum Classic Labs (ETC) announced a partnership with the blockchain analysis company, Chainalysis to offer Chainalysis KYT (Know Your Transaction) that would help cryptocurrency businesses comply with local and global regulations.
With regard to this partnership, Chainalysis said it would also offer the ETC Labs startups, projects, and grantees access to Chainalysis subject matter experts on compliance and regulation to help companies and projects scope their requirements. It further stated that Chainalysis KYT and training certifications platform would be offered at a reduced rate to the ETC labs’ accelerator startups.
We’ve partnered with @chainalysis to offer automated transaction monitoring and training at a discounted rate to our startups, projects, and grantees. Click the link for full details! https://t.co/ByQpPyK89t
— Ethereum Classic Labs (@etclabs) September 9, 2020
Chainalysis KYT is a cryptocurrency transaction monitoring software that detects high-risk activity from darknet markets to scams and anomalous transactions, according to the release.
Chief Revenue Officer at Chainalysis, Jason Bonds said in the release that compliance was complex yet critical for crypto businesses, especially in the case of exchanges. He hoped the partnership would resolve barriers to entry for founders starting a cryptocurrency business.
Founder and Chairman of ETC Labs, James Wo, said in a statement:
This partnership reflects a necessary resource and is a natural progression for our companies building on ETC; (and help) early-stage startups to successfully and responsibly build their companies while staying informed
Additionally, the release stated how blockchain and crypto financial services startups could use Chainalysis to:
Automate Compliance and Reporting, Monitor large volumes of activity, and identify high-risk transactions in real-time across Ethereum Classic and other cryptocurrencies.
So far, ETC labs has partnered with OpenGSN to lower gas cost on ETC, along with additional partnerships with ChainSafe on the development of Chainbridge, and has also worked with Gitcoin as a part of the New York Blockchain Week.