Dapper Labs creator of a number of blockchain technology which includes CryptoKitties and NBA Top shots has partnered with Chainalysis, the blockchain data platform. Dapper Labs will look to leverage Chainalysis to establish comprehensive compliance and regulatory management process. on transactions that occur on the platform.
As the NFT ecosystem undergoes rapid growth and transformation, market leaders like Dapper Labs are bringing new and engaging experiences onto the blockchain to attract more widespread adoption. However, growing consumer access to cryptocurrency requires a careful examination of the funds being used to purchase NFTs and the use of a comprehensive compliance monitoring solution that can help detect and prevent NFT money laundering and market manipulation.
â€œUltimately, our team at Chainalysis is preparing for a world where all types of value will flow on blockchains: art, gaming, business transactions, and other other uniquely engaging digital experiences,â€ said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. â€œWe are excited to partner with a market leader in bringing the world of entertainment onto the blockchain, and look forward to helping Dapper Labs scale its compliance processes as the company pioneers new consumer use cases.â€
The two cryptocurrency compliance tools on the frontlines of this partnership â€“ Chainalysis KYT and Chainalysis Reactor â€“ enable companies like Dapper Labs to leverage Chainalysis data to manage a vast set of their current compliance needs. Chainalysis KYT flags risky and illicit activity in real-time, while Chainalysis Reactor enables deeper investigations into those transactions. With these tools, Dapper Labs can gain a deeper understanding of the funds being used to purchase NFTs to combat criminal activity on the blockchain.
â€œNFTs are one of the most exciting spaces in cryptocurrency, but they will only be successful in the long-term if we can ensure a safe environment for our customers,â€ said Naeem Bawla, Associate Director of Compliance, Dapper Labs. â€œWeâ€™re thrilled to partner with Chainalysis to keep potential bad actors off our platform, combat money laundering, and at the same time, stay on top of the quickly-evolving local and global regulatory and compliance space. We look forward to partnering with Chainalysis as we bring new digital engagement opportunities to market on the back of the success of NBA Top Shot and CryptoKitties,â€ stated Lana Schwartzman, Chief Compliance Officer, Dapper Labs.
Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data platform powers investigation, compliance, and risk management tools that have been used to solve some of the worldâ€™s most high-profile cybercriminal cases and grow consumer access to cryptocurrency safely.
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