BIGG Digital Assets Inc., a global crypto compliance and intelligence company, is joining hands with Alpha Point, a white-label software firm built to empower crypto exchanges all over the world. The point of the partnership is to verify transactions and ensure that all trades occurring on exchanges are not happening through illicit players or addresses.
Alpha Point and BIGG Digital Assets Establish New Tools Together
To do this, the companies are unveiling a new product known as Bit Rank Verified. It will be part of an array of tools designed for crypto forensics and risk mitigation so all crypto exchanges using the tools are safe and secure for their customers. Exchanges will also remain in compliance with global financial organizations and agencies. Bit Rank Verified is specifically made to screen all addresses taking part in transactions and ensure that those using them are not sanctioned by western governments.
This has been a big concern for everybody ever since Russia invaded Ukraine in early February. Following that maneuver, regions such as the United States and many of its allies have placed heavy sanctions on Russian individuals and on the country itself as a means of punishing the nation for its actions against a neighbor. However, there have been many worries about Russia potentially using crypto as a way of escaping all sanctions and avoiding attachments to the global financial system.
Companies such as Coinbase have already stated that they have halted transactions stemming from many illicit addresses in regions such as Russia.
Lance Morginn – president of Blockchain Intelligence Group – commented in an interview:
BitRank Verified makes regulatory compliance as simple as a credit score. Due to growing calls for regulatory changes worldwide, technologies for compliance will be seen as essential to drive business growth. We are very excited about our partnership with Alpha Point to create operating leverage for crypto exchanges with compliance and monitoring.
Jack Sallen – co-founder and vice president of development at Alpha Point – also threw his two cents into the mix, stating:
Today’s fast-changing cryptocurrency market requires multiple solutions for mitigating risk and monitoring important data and forensics. Through our partnership with Blockchain Intelligence Group, we’re able to provide Alpha Point clients a secure exchange that allows for both asset management and protection from a single platform.
The Space Must Become Fully Legitimate
Tools such as Bit Rank Verified are often considered necessary to ensure that the crypto space becomes legitimate. There has been much talk of regulation, lately, along with many attempts to implement anti-money laundering legislation for the space given how big it’s become. Its size has attracted many criminals and illicit actors over the years, leading to data breaches and million – sometimes billion – dollar losses.
Among the biggest instances of crypto crime to occur include Mt. Gox and Coincheck, both of which occurred four years apart in Japan.