The Bitfury Group and BASIS ID today announced an agreement to integrate Bitfury’s Crystal blockchain analytics service into the BASIS ID tool, a customer identity verification service in Asia and Europe.
Bitfury, a leading full-service blockchain technology company, and BASIS ID, the largest provider of “know your customer” and anti-money laundering services in Asia, will collaborate to enhance BASIS ID’s customer ID verification with Crystal, a tool developed by Bitfury to identify and analyze activity on the Bitcoin Blockchain
The integration of Crystal will enhance BASIS ID’s solution by incorporating data from the Bitcoin blockchain, which BASIS ID currently lacks. Once the integration is complete, Crystal will serve as another data provider for BASIS ID, providing access to extensive, previously untapped blockchain data.
“Crystal is a perfect supplement to BASIS ID’s KYC services because it enables institutions to access large amounts of data from the Bitcoin Blockchain, making it easier to carry out comprehensive KYC and anti-money laundering checks. Integrating Crystal into BASIS ID’s already top-notch verification service will ensure that businesses have the most extensive KYC solution possible, making it easier to maintain their compliance standards.”
As transactions on the blockchain increase, it becomes more important to have an analytical tool like Crystal to monitor the turnover of assets. With this partnership, Bitfury and BASIS ID are taking the first step in developing a solution to use blockchain analytics to ensure that institutions maintain their compliance with regulations.
“With the help of the data verification technology by BASIS ID, Crystal is becoming a powerful tool aimed at monitoring the violation of national sanctions, money laundering, and terrorist financing almost everywhere, including countries whose requirements simply cannot be followed by other KYC providers. But in fact, the danger of illegal actions is particularly high in these very countries. Using Crystal, institutions can prove the compliance of their activities with national norms and regulations, demonstrating transparent reporting on the sources of funds, which prevents legal cases against investors or project creators.”