Largest and fastest growing Canadian digital currency exchange Einstein Exchange and Vancouver, BC, Canada-based prominent blockchain search, risk-scoring and data analytics solutions developer BIG Blockchain Intelligence Group Inc. (BIG) have signed a client agreement. The terms allow Einstein Exchange to use BIG’s full suite of digital currency security tools and services, including their custom Forensic Services Division, QLUE™ (Qualitative Law Enforcement Unified Edge) digital currency investigation platform and BitRank Verified™ transaction risk-scoring service.
Einstein Exchange will reportedly benefit from reduced digital currency-related risk exposure, increased confidence in meeting regulatory requirements and increased security via anti-money laundering (AML) efforts.
The exchange will also be able to assure its customers that procedures exist to curtail illegal transactions or cut the amount of illegal funds that would have otherwise transacted. Moreover, the exchange will be able to develop a deterrence against criminal elements that could engage in illegal activity and deliver transparency about the legitimacy of transactions.
Under the agreement, BIG will be paid:
- a monthly licensing fee for access to its QLUE™ platform;
- on an as-required basis for the Forensic Services Division team of investigative experts to carry out and provide tailored forensic investigations in cases of irregularities or security issues that need thorough proficiency and knowledge, either together with or in addition to BIG’s BitRank Verified™ and QLUE™ tools;
- a fee whenever Einstein exchange’s platform processes bitcoin transactions that utilize BIG’s proprietary BitRank Verified™ service.
Einstein Exchange’s team of FinTech experts has launched an initiative to deal with the fentanyl epidemic by creating partnerships with other exchanges to build a worldwide database of “bad wallet holders” connected with fentanyl arrests and indictments, which they will use to stop customers from sending digital currency to these “bad wallets” from their exchange accounts.
BIG CEO Lance Morginn said in a press release CoinReport received, “We’re very excited to count Einstein Exchange among our clients and contribute to providing people with a simple, secure and transparent method to invest in cryptocurrency.
“This is the first case of an exchange utilizing all of BIG’s products and services. This partnership represents a new industry standard of safety for other organizations to follow in the financial space, where they can deal with cryptocurrencies in confidence, transparency and security as they meet compliance regulations and engage in AML. We’re looking forward to working closely with the dedicated team at Einstein Exchange to bring cryptocurrency mainstream.”
Einstein Exchange CEO Michael Gokturk stated, “With the BitRank VerifiedTM product embedded into our existing platform, and BIG’s QLUETM engine and their Forensic Services Division at our disposal, we can offer our customers the highest security and peace of mind to date when they look to invest in cryptocurrency. To say that we’re rigorous in our AML and security protocols would be an understatement, especially with BIG’s suite of solutions in our corner.”
Einstein Exchange will embed BIG’s BitRank Verified™ technology into its platform to authenticate inbound and outbound transactions and funds by detecting whether they are connected with exchanges or entities linked to criminal elements.
When illegitimate or questionable transactions are flagged by BitRank Verified™, Einstein Exchange will utilize QLUE™ to carry out due diligence and DLT security inspections at greater forensic depth by looking into where the funds originated and the security profiles of the linked entities.
For security matters that are more intricate or substantial, Einstein Exchange will utilize BIG’s in-house Forensic Division, which will provide the exchange with utmost level of identification and insight of the entities engaged in the given transactions.
Image via press release