LONDON, 18 May – Krystal, a one-stop platform that consolidates the best DeFi services, has announced a partnership with RegTech and blockchain analytics provider, Coinfirm. This alliance makes it possible for Krystal to deploy Coinfirm’s AML (anti-money laundering) solution for holistic compliance with global AML/CFT regulations to combat money laundering, terrorism financing and fraud.
As a platform that has been gaining traction amongst the DeFi community since its launch in April 2021, Krystal recognizes the importance of AML solutions to ensure a secure and reliable DeFi experience. Coinfirm is a perfect complement with its regular updates utilising its comprehensive suspicious activities database and token compliance coverage.
“Despite the fact that Krystal was launched just a month ago, it has been consistently growing its user base. To ensure the continued growth of Krystal as an all-in-one DeFi service platform, we must be prepared to move swiftly and improve compliance standards. With Coinfirm’s AML Platform, we are confident that Krystal is equipped with top-notch security protocols so that we can provide a safe platform for our users,” shared Sunny Jain, CEO of Krystal.
In addition to regular layering schemes which commonly plague traditional finance, compliance teams face additional challenges unique to crypto assets. Such challenges are posed by privacy wallets and coins, mixers and tumblers, shell VASPing and programmatic money laundering. Hence, by utilizing 330 proprietary risk data point analysis algorithms and the largest database (1+ petabyte) of illicit crypto crime that Coinfirm’s AML Platform is powered by, Krystal can now conduct real-time reviews from here on forward.
“Innovative DeFi platform Krystal is providing users with more equitable blockchain products, less information asymmetry and a truly impactful, holistic user experience. We are proud to support Krystal Platform with our state-of-the-art AML solution for full regulatory compliance.” – Pawel Kuskowski, CEO and co-founder of Coinfirm
Coinfirm’s AML Platform is armed with numerous tools for crypto compliance, including AML Risk Reports for detailed understanding of counterparty risk exposure, the Visualizer for tracking/investigating illicit fund flows and Case Management for streamlining SAR information collection and submission. The customization of transaction thresholds, risk exposure and analytics alerts enables partners to be in compliance with different jurisdiction’s regulatory requirements.
Krystal is an all-in-one DeFi platform that has brought together the best DeFi services under one roof. Initially incubated at Krystal Network, Krystal continues to be tied closely to the Kyber Network ecosystem. It has integrated the Kyber Network protocol, amongst other DEX protocols, to achieve substantial liquidity for its users. Other key highlights of Krystal include earning interest by supplying tokens (integrated with Aave and Compound), hassle-free portfolio management, and even a referral program.
By consolidating the best DeFi services under one roof, Krystal has successfully created a frictionless experience for users, saving users time, money and effort. This is just the dawn of the possibilities Krystal can help users achieve, as the team continues their work towards introducing more integrations and product offerings, and expanding its services to other chains and networks.
For more information, please visit https://krystal.app.
Founded in 2016, Coinfirm is the world leader in blockchain analytics and regulatory technology (‘RegTech’) solutions, creating the foundation for the safe mass adoption of cryptoassets. Coinfirm specializes in blockchain AML/CFT (‘Anti-Money laundering’ / ‘Combatting the Financing of Terrorism’) services and fraud investigations. It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin and the ERC-20 standard.
Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments. In addition to the AML Platform, the company’s services also include Trudatum, Nodes-as-a-Service and an AML compliance solution to DeFi in the form of the AML Oracle.
For more information, please visit https://www.coinfirm.com/.