With its efforts to provide a much better intelligence system, the Coinbase Crypto exchange moves towards introducing new solutions to handle risks more effectively.
Popular crypto exchange, Coinbase very recently revealed a brand-new collection of tools and solutions named as “Coinbase Intelligence” to facilitate all kinds of businesses, financial firms, Law makers and individuals who seek compliance towards the crypto space.
The Official Statement from Coinbase
Coinbase released an official statement on the 28th of April in which it highlighted that “Coinbase Intelligence” is their evolving suite of products which are committed to promote crypto compliance and are especially designed in such a way that it helps to reduce the number of illegal entities present in the overall economic space of cryptocurrencies.
Coinbase continued that the suite consists of a new product by the name of Coinbase “Know Your Transaction” (KYT), meanwhile also including a significant update of the already popular “Coinbase Analytics” feature, now formally named as Coinbase Tracer. Furthermore, Coinbase said that by working on the challenges of crypto compliance has motivated our workers to come up with effective products that the company is willing to offer to the organizations who require them.
More on Know KYT and Coinbase Tracer
Diving deeper into the products and updates, the “Know your Transaction” (KYT) product is basically a transaction scanning utility that is aimed to assist cryptocurrency focused businesses to handle risks more effectively, depending upon the default scoring system that has been implemented. The product is also supported by an API integration which enables scanning of transactions in real-time.
Additionally, KYT also focuses on assisting regulators in controlling illegal transactions, basically providing a safety mechanism to handle such illegal transactions and the criminals involved with them. If there is any significant detouring of risk profiles of transactions or the users, the users will receive proper alerts. This basically assures that no issues regarding money laundering appear and risks like these are actively taken care of.
Talking about Coinbase Analytics, this tool has been quite popular in the hands of several government organizations and fraud investigation agencies but has now been renamed to Coinbase Tracer with additional updates. Coinbase Tracer will now have the ability track down the activities from all entities present on the platform and will deduce risk scores and their respective alerts regarding cryptocurrency assets and transactions. The focus is towards minimizing fraudulent activities by handling risks better.
