Popular smart contract blockchain Binance Smart Chain (BSC) to enjoy top-notch analytic support from top crypto intelligence firm CipherTrace.
According to a press release shared with Altcoin Buzz, Binance Smart Chain (BSC) will be joining over 1,000 traceable assets on CipherTrace. The blockchain analytics and crypto intelligence platform will provide BSC and its over 600 dApps with crucial intelligence and security features. It will also help Binance Smart Chain (BSC) to identify illegal transactions. This, in turn, will open up BSC to the prospect of more strategic partnerships.
Details of the Partnership
Binance Smart Chain is well-known as an open-source, community-governed, blockchain ecosystem. Its partnership with top crypto intelligence firm CipherTrace will enable it to spot high-risk transactions in the BSC ecosystem.
CipherTrace will also facilitate Virtual Asset Service Providers (VASPs) to mark suspicious transactions on BSC. Therefore, making it easier to spot fraudulent or illicit activities. VASPs include banks, OTC desks, exchanges, and other financial institutions. The partnership with CipherTrace is also an indicator of BSC’s interest in being regulatory compliant.
The crypto intelligence platform currently boasts of supporting over 1,000 digital assets. Partnering with BSC will further enable it to provide “compliance support for any project built on the Binance Smart Chain.” BSC, due to Ethereum’s current scalability issues, is experiencing a great influx of projects. The blockchain is known for its fast transaction speed and also its cost-efficient transactions.
Speaking on the partnership, Dave Jevans, CEO of CipherTrace, revealed that his team was excited to provide analytics support for BSC. He further referred to the blockchain as “[…] one of the fastest-growing blockchains currently being deployed by developers.”
Binance CCO Samuel Lim added that as more projects join the BSC ecosystem, it is expedient that the chain complies with “[…] global Anti-Money Laundering regulations.”
About Binance Smart Chain and CipherTrace
With operations quite similar to Binance, BSC is a decentralized, autonomous, smart contract chain providing EVM-compatible programmability. The platform is known for its fast transaction time and low fees as compared to other available blockchains.
CipherTrace, on the other hand, is a top crypto intelligence firm bringing together digital assets and the conventional finance space. It also provides top-notch protection from fraud and other illicit activities.
At the time of publication, BNB was trading at $366.11, with a market cap of $56,467,172,869 and a 24-hour trading volume of $5,738,739,658.
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