With the global pandemic boosting cryptocurrency adoption, the additional financial institutions and traders will demand a comprehensive security solution to help detect and stop malicious activity before fraud is committed.
Israeli blockchain cybersecurity startup GK8 announced a partnership with U.S. based Chainalysis, a blockchain analysis company that helps financial institutions identify high-risk fraud activity. The partnership will see GK8’s custody platform integrated with Chainalysis KYT (Know Your Transaction), a compliance solution that provides real-time transaction monitoring of large volumes of cryptocurrency activity to identify high-risk transactions.
Jason Bonds, Chief Revenue Officer at Chainalysis, added, "While large global institutions continue to adopt digital assets, building trusted, secure and flexible infrastructure for the cryptocurrency industry is critical for its growth."
GK8 is well versed in the blockchain game, and understands what kind of security measures the market demands. The blockchain cyber startup had previously pointed out a major weakness that was costing banks millions, by identifying major vulnerabilities in bank used MPC networks, and providing insight on how to remedy those issues. The company's system provides end-to-end security and visibility for better management of blockchain assets. It's platform acts as a virtual air-tight vault that remains unconnected to the internet, and therefore less vulnerable to hacks.
Paired with Chainalysis’ leading blockchain analysis, both entities’ financial focused customer base will enjoy a more robust approach to blockchain fraud security. "Money laundering is not just a huge issue for anyone in the blockchain ecosystem – it’s also a barrier that keeps traditional financial institutions from jumping on the crypto bandwagon”, explains GK8 co-founder and CEO, Lior Lamesh. ”The integration of Chainalysis to our platform addresses this issue, providing banks with best-in-class technology to prevent money laundering attempts by criminals and terrorists alike. In the grand scheme of things, this partnership is a big step forward in legitimizing digital currency, turning it into a mainstream investment channel."