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To improve its clients’ capabilities in blockchain tracking, Deloitte, a prominent professional services firm, has established a notable partnership with Chainalysis, a top crypto analytics company. This collaboration, revealed at a Chainalysis conference in Washington, DC, on July 25, seeks to utilize Chainalysis’ blockchain data, analytical tools, and training programs to assist Deloitte’s clients with their cryptocurrency forensic, investigative, and compliance needs.
This partnership has been developing over several years to promote broader adoption of blockchain technology among various organizations. Thomas Stanley, president and chief revenue officer of Chainalysis, pointed out that the primary beneficiaries of this partnership will be their shared clients, which include law enforcement agencies, regulators, and financial institutions.
Initially, the collaboration will concentrate on supporting regulators, law enforcement, and financial institutions in the United States, considering their current level of technology adoption and the overlap in their customer base. However, there are plans to extend this initiative to additional global markets.
Deloitte noted in a document detailing the partnership that government agencies encounter difficulties when cryptocurrencies are utilized to conceal transactions and launder criminal proceeds. Furthermore, navigating the international regulatory framework can be challenging when seeking information from foreign exchanges.
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The partnership between Deloitte and Chainalysis is anticipated to effectively tackle these issues. By leveraging Chainalysis’ expertise, the collaboration aims to identify individuals or entities involved in illicit activities and facilitate successful prosecutions. This includes tracking the movement of funds to high-risk or sanctioned entities.
As part of the collaboration, Chainalysis will collaborate closely with Deloitte’s blockchain and digital assets practice across various domains, including cryptocurrency and digital asset risk, analytics, investigations, anti-money laundering/know your customer (AML/KYC), and regulatory compliance.
Deloitte’s commitment to cryptocurrency is reflected in its recent job postings, with over 300 positions related to cryptocurrencies, 97 of which are located in the United States. This initiative underscores the company’s dedication to remaining at the forefront of emerging technologies and delivering innovative solutions to its clients.
Additionally, Deloitte’s earlier partnership with Web3 platform Vatom illustrates its ongoing exploration of immersive experiences and virtual reality. These initiatives aim to provide unique and engaging experiences across various sectors, including events, meetings, employee training, and community engagement through metaverse experiences.
The collaboration between Deloitte and Chainalysis represents a significant advancement in enhancing blockchain tracking and compliance services. By merging their expertise, these industry leaders aim to promote the adoption of blockchain technology and address the challenges presented by cryptocurrencies in a swiftly evolving digital environment.
The post Deloitte Partners with Chainalysis to Strengthen Blockchain Tracking Services appeared first on BitcoinWorld.
