Decentralized applications development company ConsenSys has just reported it plans to launch a compliance service to help decentralized finance exchanges and projects (DeFi) analyze ETH-based token trading activities, Bloomberg reports.
In order to prevent money laundering and illegal transactions, crypto trading platforms are required to implement security measures, including KYC (know your customer) procedures, provided by third parties such as Chainalysis, Elliptic and CipherTrace.
With the launch of this new service, ConsenSys will focus on the DeFi industry, allowing to track user transactions of more than 280,000 tokens issued on the Ethereum blockchain.
ConsenSys’s global fintech co-head Lex Sokolin said:
"There are more and more people building decentralized apps that need this as a Lego piece. What we are trying to do is make activity on the decentralized financial infrastructure much more safe, transparent, much easier to trace."
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