Scorechain, a Luxembourg-based company, that provides anti-money laundering (AML) and compliance services for cryptocurrencies, has launched Tezos, its analytics platform.
The risk solution and AML software is dedicated to the Tezos blockchain and its cryptocurrency (XTZ). It is part of Scorechain’s blockchain analytics suite.
The new scoring platform will provide a risk assessment methodology and classification at the level of transaction, for each named entity supporting XTZ trades, based on the source and destination of funds.
It will help cryptocurrencies companies, banks, financial and audit services assess and monitor their risks while trading in XTZ currency.
“The launch of Scorechain’s Tezos Analytics Platform will provide more trust to the Tezos blockchain and benefit the adoption.”
350 risk scenarios
The scoring application includes around 350 risk scenarios ranging from entity types/jurisdictions to transaction behavior patterns.
Users can implement their own risk-based approach into the system and set up their own risk indicators, according to their business nature, level of risk appetite, internal control policy and compliance framework.
They can also adapt their risk-based strategy for XTZ trades in the system, in order to meet new regulatory standards.
The AML risk management solution also includes a real-time alert system to achieve ongoing monitoring, and a risk AML report system, which provides reporting to authorities.
“The launch of Scorechain’s Tezos Analytics Platform will provide more trust to the Tezos blockchain and benefit the adoption. This will help the Tezos blockchain develop in a healthy and sustainable way”, Scorechain says in its press release.
With this new product, its blockchain analytics suite now covers cryptos such as XTZ, Ethereum, XRP Ledger, Bitcoin Cash, Litecoin and Dash.
“Scorechain users can monitor all these currencies, covering 95% of digital assets by trading volume, used by more than 55,000 identified entities”, the press release adds.
Initially released in 2018, Tezos is a blockchain technology and network linked to a digital token (tez or tezzie).
The generation and release of new tokens for circulation via the cryptocurrency network, as well as the verification and the authentication of the transaction, are based on the proof of stake (PoS) concept.
The consensus model allows persons and entities to mine or validate transactions according to the amount of cryptos they hold.
Scorechain launches #Risk–#AML Solution for $Tezos $XTZ, a great solution to help foster market adoption by fulfilling the regulation requirements including #FATF guidance and recommendations! ????????https://t.co/RmZvQv9qQ2$BTC #cryptocurrencies #cryptoaml #followthemoney #riskaml
— scorechain (@scorechain) July 22, 2020
Launched in 2015 and based in Belval, Scorechain positions as a trust provider for crypto markets.
Its crypto-tracking compliance tools include functionalities such as fraud detection, funds authentication and transaction monitoring on crypto-based trades.
The company says it “serves customers in 29 different countries with 150+ licenses”.