Blockchain Press Releases
Wirex Selects Sumsub For Virtual Asset Travel Rule Compliance and Transaction Monitoring Solutions
Wirex partners with Sumsub to ensure regulatory compliance with upcoming virtual asset service provider (VASP) Travel Rule obligations and ongoing transaction monitoring
LONDON, Aug. 16, 2023 /PRNewswire/ — A digital payment company Wirex has partnered with Sumsub, a global full-cycle verification platform. Sumsub will provide Wirex with its Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.
The Financial Action Task Force (FAFT) is enforcing that virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards, with UK regulations set to come into force on September 1, 2023. Sumsub’s solution will enable secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex’s business needs.
The Travel Rule solution can be easily integrated with Sumsub’s advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures that typically include analysing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data.
Sumsub’s Transaction Monitoring solutions will assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.
“We are thrilled to be partnered with Sumsub to ensure seamless compliance with the upcoming regulatory requirements for virtual asset service providers. By utilising Sumsub’s Transaction Monitoring capabilities and Travel Rule compliance solutions, we’re committed to upholding the highest standards of security and protection for our user verification processes and our users’ virtual asset transactions,” said Pavel Matveev, CEO and Co-Founder of Wirex.
“The regulatory horizon is becoming increasingly complex, particularly for firms in the digital asset space. At Sumsub, we are committed to providing advanced verification and compliance solutions that empower businesses to navigate the evolving landscape – beyond the initial onboarding stage. This partnership with Wirex signifies a mutual commitment to maintaining the integrity of virtual asset transfers and ongoing transactions,” explained Andrew Sever, co-founder and CEO of Sumsub. “Our full-cycle verification solution offers a comprehensive picture of all customer risk profiles, allowing our clients to make better-informed decisions and keep their businesses safe.”
To learn more about Sumsub’s Travel Rule solution and transaction monitoring software, please visit: https://sumsub.com/travel-rule and https://sumsub.com/kyt/.
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over 6 million customers and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors.
Contact
E-mail: [email protected]
About Sumsub
Sumsub is a full-cycle verification platform securing the whole user journey. With Sumsub’s customizable KYC, KYB, transaction monitoring and fraud prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.
Contact
Kanayo Agwunobi
PR Manager
[email protected]
Logo: https://mma.prnewswire.com/media/2031625/Wirex_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wirex-selects-sumsub-for-virtual-asset-travel-rule-compliance-and-transaction-monitoring-solutions-301900861.html
Blockchain
ZettaBlock announces the addition of blockchain data
ZettaBlock, a leading provider of blockchain solutions, has recently announced a significant enhancement to its offerings with the addition of blockchain data services. This development marks a strategic move aimed at bolstering ZettaBlock’s capabilities and further solidifying its position in the blockchain industry.
By integrating blockchain data services into its portfolio, ZettaBlock seeks to address the growing demand for comprehensive and reliable data solutions within the blockchain ecosystem. The new offering will enable clients to access a wealth of blockchain data, empowering them to make informed decisions and derive valuable insights from the vast amount of information available on various blockchain networks.
ZettaBlock’s decision to expand its services comes at a time when the importance of blockchain data analytics is increasingly recognized across industries. With blockchain technology continuing to gain traction and adoption worldwide, the ability to effectively harness and analyze blockchain data has become crucial for businesses and organizations seeking to unlock new opportunities and drive innovation.
Through its blockchain data services, ZettaBlock aims to cater to the diverse needs of its clients, providing them with access to real-time and historical data from a wide range of blockchain networks. This includes transaction data, smart contract metrics, network activity, and more, allowing users to gain deeper insights into blockchain transactions and activities.
The addition of blockchain data services represents a significant milestone for ZettaBlock, underscoring the company’s commitment to delivering cutting-edge solutions that meet the evolving needs of the blockchain industry. As businesses increasingly recognize the value of blockchain data in driving decision-making and enhancing operations, ZettaBlock’s comprehensive data services are poised to play a key role in shaping the future of blockchain analytics.
Source: cryptonewsz.com
The post ZettaBlock announces the addition of blockchain data appeared first on HIPTHER Alerts.
Blockchain
Hong Kong joins global crypto ETF race
Hong Kong has entered the cryptocurrency ETF market with the debut of its first spot cryptocurrency exchange-traded funds (ETFs) on Tuesday, signaling the city’s ambition to compete with the US in the rapidly growing sector.
The launch, led by the Hong Kong units of three mainland Chinese asset managers — Bosera Asset Management, Harvest Global Investments, and China Asset Management — saw the introduction of two ETFs each tracking bitcoin and ether prices. Bosera’s funds were launched in collaboration with HashKey Capital.
On their debut, the three bitcoin ETFs closed between 1.5% and 1.8% higher, while the ether ETFs experienced slight losses of between 0.5% and 0.8%. Despite this, total trading turnover for all six ETFs, which included trading in US dollars, Hong Kong dollars, and renminbi, reached approximately HK$99.5 million (US$12.7 million). In comparison, US-based funds saw turnover exceeding $4 billion on their first trading day.
The move marks Hong Kong’s commitment to becoming a significant player in the cryptocurrency space, following its announcement in 2022 amid pandemic restrictions and increased Chinese oversight. Joseph Chan, Hong Kong’s under-secretary for financial services and the treasury, emphasized the city’s leading position in Asia’s crypto asset development during the ETF listing ceremony.
Prior to this, CSOP Asset Management had launched Hong Kong’s first bitcoin and ether futures ETFs in late 2022, following the publication of rules for spot ETFs by the Securities and Futures Commission in December.
In January, the US Securities and Exchange Commission approved the country’s first spot bitcoin ETFs, which have since attracted significant assets under management and net inflows. Robert Zhan, director of risk consulting at KPMG China, remains optimistic about the potential of the Hong Kong funds, despite current market sentiments and relatively flat prices of bitcoin and ether leading up to the launch.
The launch of crypto-linked funds by major Chinese asset managers has generated excitement within the industry, despite China’s strict cryptocurrency regulations. Donald Day, COO of Hong Kong-based digital asset exchange VDX, believes the new funds will cater to active investors unable or unwilling to trade during US hours.
Source: ft.com
The post Hong Kong joins global crypto ETF race appeared first on HIPTHER Alerts.
Blockchain
LBank Labs Announces Strategic Investment in Bedrock to Revolutionize Blockchain Staking
Crypto News Flash reports that LBank Labs has announced a strategic investment in Bedrock to revolutionize blockchain staking. This partnership signifies a significant step forward in enhancing the efficiency and accessibility of blockchain staking solutions.
LBank Labs’ investment in Bedrock underscores its commitment to driving innovation in the blockchain space and exploring new opportunities to empower users with cutting-edge staking technologies. By leveraging Bedrock’s expertise and solutions, LBank Labs aims to enhance its staking platform and offer users a seamless and rewarding staking experience.
The collaboration between LBank Labs and Bedrock holds promise for unlocking new possibilities in blockchain staking and expanding the adoption of staking services among cryptocurrency enthusiasts. Through joint efforts, both companies aim to address key challenges in the staking ecosystem and drive greater participation in blockchain networks.
Overall, the strategic investment by LBank Labs in Bedrock underscores the growing momentum behind blockchain staking and highlights the industry’s commitment to fostering innovation and advancing the capabilities of decentralized networks. As staking continues to play a crucial role in securing blockchain networks and incentivizing participation, collaborations like this are poised to shape the future of the staking landscape.
Source: crypto-news-flash.com
The post LBank Labs Announces Strategic Investment in Bedrock to Revolutionize Blockchain Staking appeared first on HIPTHER Alerts.
-
Blockchain6 days ago
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
-
Blockchain Press Releases2 days ago
CoinRoutes partners with Coinbase International Exchange to improve institutional access to perpetual futures
-
Blockchain Press Releases3 days ago
Bosera HashKey Bitcoin and Ether Spot ETFs Officially Launch on HKEX with Two-Way Investment Flexibility
-
Blockchain7 hours ago
Meritrust Credit Union Joins Metal Blockchain’s Banking Innovation Program
-
Blockchain3 days ago
RFK Jr.’s blockchain idea, Ethereum ETF approval in question, Bitcoin’s unlikely bull run | Weekly Recap
-
Blockchain Press Releases2 days ago
KuCoin Campus Survey Reveals: 88% of Participants Eager to Build Careers in Blockchain
-
Blockchain2 days ago
Cryptocurrency market sees decline as Bitcoin and Ethereum slip
-
Blockchain6 days ago
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers