Reap, a leading payment technology company specialising in bridging Web2 & Web3 finances, is proud to announce its collaboration with the blockchain data platform, Chainalysis. Reap is utilising Chainalysis risk solutions that provide advanced transaction monitoring and robust illicit activity detection capabilities for the blockchain, ensuring the utmost protection for Reap’s user funds in the ever-changing digital landscape.
Chainalysis’ Crypto Crime Report 2024 estimates that while all crypto transaction volume associated with illicit activity amounts to just 0.34% in 2023, the value received by illicit cryptocurrency addresses totals at least $24.2 billion – a significant amount that needs to be addressed. Reap’s adoption of Chainalysis risk solutions helps tackle this issue, leveraging their advanced blockchain data platform to detect and trace on-chain illicit fund flows. By enabling Reap to trace the sender’s journey, Chainalysis enhances visibility and enables the detection of abnormal flows at any stage of the transaction process, emphasising the exceptional transparency offered by blockchain technologies.
Reap observed a notable trend in 2023; Around 20% of Reap’s clients who had not previously used digital currencies started using stablecoins for payments, highlighting the growing recognition of stablecoins. The global surge in digital currency adoption necessitates a comprehensive solution that ensures strict governance, transaction monitoring, and risk management to combat money laundering and other illicit activities. To address this, Reap has amplified its transaction processing capabilities and client protection by utilising Chainalysis risk solutions and its tools to enable real-time transaction monitoring and risk identification, bolstering Reap’s ability to mitigate potential risks. Furthermore, Chainalysis seamlessly integrates with Fireblocks, which serves as Reap’s custodian wallet. As a result, all transactions passing through Fireblocks are automatically screened by Chainalysis, promptly flagging any suspicious fund flows.
Kevin Kang, Co-Founder of Reap, expressed his enthusiasm for the collaboration, highlighting the company’s dedication to solidifying its position in the Web3 space. He stated, “Digital assets often face negative connotations, and Reap aims to dispel any doubts within the industry as global trends steer towards mass adoption. Collaborating with Chainalysis and leveraging their world-class technology allows us to strengthen Reap’s international connectivity. We are committed to upholding the highest compliance standards while remaining agile to meet our clients’ evolving business needs.”
“Blockchain is powering a growing wave of innovation, such as with Reap’s payment solutions, and risk management is an important step to advancing the industry and building trust in the technology. We are excited to be working with Reap to enable them to confidently manage risks while protecting customers, increasing consumer trust, and strengthening brand reputation,” said Diederik Van Wersch, Regional Director, ASEAN & Hong Kong.
The collaboration greatly enhances Reap’s ability to achieve the highest compliance standards in cryptocurrency transactions, demonstrating its commitment to responsible and ethical practices in the Web3 space. By employing Chainalysis’s advanced technology, Reap strengthens its ability to detect and prevent illicit fund flows, and thus, safeguarding users and the broader Web3 community.
SOURCE: PRNewswire