HomeCoinsOntology (ONT)Ontology Boosts Security And Compliance Through Integration With Chainalysis | by The...

Ontology Boosts Security And Compliance Through Integration With Chainalysis | by The Ontology Team | OntologyNetwork | Oct, 2020

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The Ontology Team

Integration with Chainalysis will create a safer experience by increasing trust and security across the Ontology ecosystem

Ontology, the high performance, open-source blockchain specializing in digital identity and data, has announced today an integration with Chainalysis, the blockchain analysis company.

Ontology will utilize Chainalysis’s compliance and investigative solutions, KYT (Know Your Transaction) and Reactor, to enhance trust, provide a safer experience to traders, and combat illicit activity through transaction monitoring and tracing.

Andy Ji, Co-Founder of Ontology said, “Chainalysis’s commitment to building trust in blockchains is strongly aligned with our own values at Ontology where we are dedicated to providing our community and our ecosystem with the highest level of security and trust. Joining forces with Chainalysis allows us to further enhance our internal compliance measures through their high-level services such as Chainalysis KYT and Chainalysis Reactor. This integration also permits us to increase the level of transaction monitoring within the Ontology ecosystem and further mitigate against financial risks such as fraud and money laundering.”

Chainalysis provides blockchain data and analysis to government agencies, exchanges, and financial institutions across 50 countries. Its software is used to detect and investigate illicit activity ranging from fraud and hacks to money laundering and ransomware attacks.

Jason Bonds, Chief Revenue Officer of Chainalysis, said, “By partnering with Chainalysis and putting anti-money laundering transaction monitoring in place, Ontology is demonstrating its commitment to compliance best practices. This not only aligns with global regulatory guidance but also with their mission to build trust and transparency through their unique blockchain.”

The news comes following Chainalysis’s recent announcement of plans to increase its presence in the APAC region and open new offices in Singapore and Tokyo.

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