Ontology, the digital identity open-source blockchain, announced their integration with Chainalysis, a blockchain analysis company.
The integration between Ontology and Chainalysis is expected to increase security. It will also increase compliance in the Ontology ecosystem due to security features of Chainalysis.
Ensuring a safer experience for Ontology
Ontology will make use of the compliance and investigative solutions provided by Chainalysis to fight against illegal activities by tracking and tracing transactions. Also, other solutions, such as Reactor and KYT (Know Your Transaction), by Chainalysis will be utilized by Ontology to promote trust amongst their users.
Speaking about the partnership, Andy Ji, co-founder of Ontology, says, “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.”
Combating fraud and money laundering
Besides, the integration is expected to allow Ontology to increase the level of transaction monitoring within the Ontology ecosystem. Also, the integration will help to further mitigate financial risks such as fraud and money laundering.
Jason Bonds, Chief Revenue Officer of Chainalysis says, “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.”
Chainalysis is known for the provision of blockchain analysis and data to financial institutions, government agencies, and exchanges across 50 countries. The Chainalysis software detects and looks into illegal activities, such as ransomware attacks, hacks, fraud, and money laundering.
This partnership with Ontology comes shortly after Chainalysis announced the opening of their new offices. By opening new offices in Tokyo and Singapore, Chainalysis has gently expanded into the APAC region.
Recently, Ontology announced that they are building on Polkadot. Polkadot is a shared blockchain that has the capability of easily connecting multiple chains together in one network. One of the drivers of Polkadot, Parity Technologies, will offer its Decentralized Identity (DEID) solution to Ontology, therefore making the latter available on other blockchains in the Polkadot ecosystem.
As at the time of writing, Ontology (ONT) price was at $0.519531 with a 24-hour trading volume of $95,616,557. ONT price had also gone down -4% over the last 24 hours.
ONT has a circulating supply of 637 million coins and a max supply of 1 billion coins. Coinsbit is the current most active market trading it.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.