Chainalysis Signs Long-term Agreement with Dapper Labs to Track NFTs
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7 October
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Chainalysis, a blockchain forensic firm, has signed a long-term partnership with Dapper Labs, to establish compliance and regulatory management process. As part of the partnership, Chainalysis will monitor transactions with non-fungible tokens (NFTs) to make sure the company behind CryptoKitties and NBA Top Shot meets all the regulatory requirements.

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Naeem Bawla, Associate Director of Compliance at Dapper Labs, says that the NFT space can only be successful in the long-term if the company can ensure a "safe environment" for its customers. At the start, Dapper Labs will be using Chainalysis KYT and Chainalysis Reactor tools to flag risky and illicit activity in real-time and combat criminal activity on the blockchain.

"Ultimately, our team at Chainalysis is preparing for a world where all types of value will flow on blockchains: art, gaming, business transactions, and other other uniquely engaging digital experiences," said Jonathan Levin, Co-Founder and Chief Strategy Officer of Chainalysis.

Ripple Sets Up $250M Fund to Boost NFT Adoption on XRP Ledger

The financial terms of the partnership remain undisclosed. The move follows Dapper Labs' recent investment round. As iHodl earlier reported, the maker of the Flow blockchain raised $250 million from Coatue, a16z, Google Ventures, Version One Ventures, BOND and GIC. The firm said it plans to use the proceeds to continue to scale and support "major additional brand-driven sports, entertainment and music based products coming online and being developed on the Flow blockchain."

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