Chainalysis, the blockchain analysis company, announced a partnership with the Algorand Foundation, the stewards of Algorand, the world’s first, permissionless, Proof of Stake blockchain, that offers an open, global platform for building products and services in a Borderless Economy. Once the integration is complete, the Algorand Foundation will use Chainalysis KYT (Know Your Transaction) for transaction monitoring and compliance processes and Chainalysis Reactor for enhanced due diligence and investigations for the ALGO, its native token.
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“Algorand is committed to providing an inclusive, transparent, and secure system for its global users,” said Fangfang Chen, Chief Operating Officer, Algorand Foundation. “We needed a compliance partner that could not only help us adhere to regulations in Singapore where we are based but also global regulatory best practices. This will enable us to build the best transaction monitoring solution for the Algo token so that we can realize our mission of providing the world’s first open, permissionless, pure proof-of-stake blockchain protocol securely and scalably.”
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“By putting proper AML transaction monitoring in place, Algorand is demonstrating its commitment to transparency, safety, and compliance,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “This is the commitment required to build trust and encourage both decentralized financial businesses and traditional finance and to embrace cryptocurrency in Singapore and across the world.”
