Dapper Labs cooperates with Chainalysis to curb NFT-based money laundering-
Dapper Labs cooperates with Chainalysis to curb NFT-based money laundering-
Dapper Labs, one of the most successful companies in the NFT area, has teamed up with Chainalysis, a blockchain intelligence company, to improve its compliance profile in the NFT business. The company will use the knowledge of Chainalysis to better understand each of the transactions that users perform with their products and the purpose of each transaction. This will help you to recognize money washes and market manipulation attempts.
Dapper Labs uses the solutions from Chainalysis to improve the supervision
Dapper Labs, the creator of remarkable projects such as Cryptokitties and NBA Top Shots, has in partnership with , , One of the leading blockchain intelligence companies to improve the monitoring of transactions with its products. The company wants to better understand what users do with their creations and whether they are actually used by evil actors for illegal purposes.
nfts have received a bad reputation because some members of the Cryptocurrency community claim that they are used for money laundering due to the outrageous prices of some of these NFTs. Dapper Labs recognizes the need for more awareness in order to make your products safer for everyone who wants to enjoy the NFT markets. Naeem Bawla , Associate Director of Compliance at Dapper Labs, said:
nfts are one of the most exciting areas in cryptocurrency, but in the long term they will only be successful if we can guarantee our customers a safe environment.
NFT boom and chain analysis weapons
While NFTs were largely ignored due to their low trade volume, this year changed with NFT projects that were traded more than $ 1 billion. This has increased the concern about the legitimacy of the funds moving in such markets, whereby companies like Dopper Labs are increasingly concerned about the effectiveness of the compliance measures.
Dapper Labs will use two different chainalysis tools. The first is called Chainalysis Kyt (Know Your Transaction), from which the company claims that it can mark illegal and risky transactions in real time and warn Doper Labs in the event of misconduct. The other tool that the company will use is Chainalysis Reactor, with which the company can provide inquiries and subsequent studies on each transaction. These tools are part of the Chainalysis arsenal to combat irregularities about this new application of the NFT-based compliance.
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