Strevus has announced its extension to assist with the regulatory compliance of bitcoin’s life cycle. The management solution will track assets of the ever growing digital coin industry.
Strevus and Bitcoin
Strevus CEO Ken Hoang and his company state that their management solution complies with the existing Know-Your-Customer (KYC), Anti-Money Laundering (AML), and Patriot Act requirements.
Strevus was founded in 2012, providing patent-pending, regulatory compliance life cycle management solutions, allowing financial institutions to keep better records during transactions. Sensitive information is kept secure and helps businesses to grow uninterrupted.
With Strevus’ technology, businesses can achieve institutional-grade regulatory compliance for their trade network, and meet current and future regulations. The company’s press release reads:
“By providing enterprise-quality regulatory coverage, scalability and security, Strevus enables organizations that currently trade or plan to trade in Bitcoin to maintain full compliance with existing KYC, AML, and Patriot Act requirements. Strevus also allows institutions to support additional regulations such as tax compliance, which will likely be enforced by regulators in the future. Built as a flexible and extensible platform, Strevus can easily integrate to existing exchanges and institutions.”
According to Wedbush Securities’ Gil Luria and Aaron Turner, digital currencies offer a resourceful alternative to branded networks thanks to their decentralized structures. In their report titled Bitcoin: Intrinsic Value as Conduit for Disruptive Payment Network Technology, the two authors believe that bitcoin and its offered technology is a major game changer for the financial world.
In addition, Hoang sees more value in bitcoin, now that experts in the security field praise its technological presence. Therefore, Strevus will allow institutions and exchanges a secure service and allow them to trace assets. He says:
“With experts predicting that crypto-currency will complement fiat currencies rather than replace them, we believe that they will become a viable and efficient value-transfer option.”
Bitcoin is a resourceful tool, but can not be used efficiently if not enhanced for clients in every aspect possible. safety will always be a major concern when conducting any transaction online. Companies such as Strevus hope to lessen that concern.
For more bitcoin news, stay tuned to Coinreport.net.
Images via Strevus