New York based blockchain analysis company, Chainalysis has announced a partnership with Africa’s leading blockchain and financial forensics firm, A&D Forensics. According to the official announcement by Chainalysis, the goal of this partnership is to further pave way for the overall adoption of the novel blockchain technology and cryptocurrency in the mainstream.
The company’s investigative software, Chainalysis Reactor is designed to enhance the ability of stakeholders to establish trust across blockchains. This will certainly improve the adoption level of blockchain technology and encourage further implementation.
With Africa representing a crucial market where blockchain solutions can be very useful, Chainalysis’ partnership with A&D Forensics could be the trailblazer for new things to come in the industry.
Fulfilling an Essential Need in the Industry
Already, A&D Forensics have been heavily involved in combating fraud and irregularities in the blockchain and cryptocurrency ecosystem. The firm has also played active roles in the training of law enforcement personnel and agencies in various aspects of blockchain technology in Sub-Saharan Africa.
The coming together of these key investigative establishments is expected to introduce a new dimension, especially across the African blockchain and cryptocurrency marketplace. This is in consideration that it is a market that appears to be working hard to establish an operational framework for the industry.
Just recently, the founding partner of A&D Forensics was drafted into the Virtual Asset Regulatory Framework Drafting Committee by the Nigerian Securities and Exchange Commission (SEC). The firm also played a key role in the VASP Inter-Messaging working group that came out with the recent IVMS 101 standard aim at helping VASP comply with FATF travel rules.
According to the Chief Revenue Officer of Chainalysis, this partnership signifies an expansion into new jurisdictions and an important response to industry needs. He says;
Chainalysis is dedicated to building trust in blockchains across the world, and Africa in particular is an exciting market with growing cryptocurrency adoption. By partnering with A&D Forensics, we’re continuing to expand our reach into new jurisdictions and responding to the increased demand for both cryptocurrency investigation and compliance solutions.
Building Confidence Among Users
Some of the stakeholders that will benefit directly from these services by Chainalysis and A&D Forensics include government agencies, exchanges, financial institutions, among others. These services, which are already in existence across 40 countries help to create transparency across blockchains. This enables customers to engage confidently with blockchain and cryptocurrency solutions without the fear of any ambiguity.