BIG Blockchain Intelligence Group Inc. (BIG), a developer and provider of cryptocurrency risk-scoring and data analytics tools, training and investigation services, today announced the company has signed a multi-service client agreement with SBI BITS, a subsidiary of SBI Holdings, Inc. (SBI), for the use of BIG’s BitRank Verified transaction risk-scoring service and QLUE cryptocurrency forensic investigation platform service supporting Bitcoin and Ethereum.
The agreement marks the culmination of collaborative efforts between the parties, SBI BITS testing of BIG’s services and reviewing of data sets, algorithms and on and off chain information unique to BIG that sets it apart from its competitors. With BIG’s suite of compliance solutions, SBI is able to execute regulatory compliance for its VCTRADE cryptocurrency trading platform.
SBI has integrated BIG’s BitRank Verified transaction risk-scoring service into its VCTRADE platform, providing additional AML checks to its rapidly growing client base.
SBI will also use BIG’s QLUE cryptocurrency investigation platform service in its forensic investigations into Bitcoin and Ethereum transactions.
- BIG will be paid fees based on API queries processed through the BitRank Verified service, plus QLUE service supporting Bitcoin and Ethereum
- Use of BIG’s products will increase SBI’s ability to demonstrate regulatory compliance and investigate instances of suspicious activity
The initial, one year contract for the use of BIG’s BitRank Verified transaction risk-scoring service and the QLUE cryptocurrency investigation platform service will result in estimated revenues of USD $30,000 to BIG.
Based upon the calibre of the customer and with the view of forging a long-term relationship, BIG is working closely with SBI VC to support their growing list of product offerings.
At SBI’s request, BIG is reviewing expansion of its services to support XRP, as BIG sees the growing strategic importance of XRP in the cryptocurrency environment. In addition, BIG is looking to incorporate support for both Litecoin (LTC) and Bitcoin Cash (BCH).
BIG’s services will enable SBI to:
- reduce risk related to cryptocurrency transactions;
- increase confidence in meeting regulatory compliance;
- mitigate risk by using BIG’s Anti-Money Laundering (AML) detection algorithms;
- deliver transparency regarding the legitimacy of transactions;
- create a deterrence against criminal elements that could engage in illicit activity;
- provide assurance to their customers that controls are in place to monitor and mitigate for illicit activity; and,
- investigate suspicious activity.
“We’re very excited to count SBI Bits among our clients. SBI group has been consistently applying leading-edge technologies – such as BIG’s BitRank Verified and QLUE services – to SBI’s financial businesses to enhance their competitiveness and quality of service, resulting in efficiency improvements and the expansion of their services. BIG’s services will help SBI: deal with cryptocurrencies and cryptocurrency transactions with greater transparency and security; in meeting increasingly demanding compliance regulations; engage in Anti-Money Laundering (AML) detection efforts; and perform forensic investigations. We’re looking forward to working closely with the world-class team at SBI to bring greater security and accountability to their cryptocurrency-related ventures.”
“It is good to have BIG’s services integrated into our businesses. Since our founding, we have achieved continual growth by aggressively utilizing new technologies. Today, we’re on the threshold of a new phase of growth driven by the emergence of next-generation technologies such as blockchain, distributed ledger technology (DLT), AI and big data. In the case of our VCTRADE cryptocurrency trading service, given the compelling size of our existing customer base, we believe that we will quickly emerge as the industry leader, which is why it is important to have BIG’s services in place. We look forward to all the ways we can benefit from BIG’s services as we move forward.”