CipherTrace Introduces Enhanced Monero Tracing for Financial Institutions and Government Agencies

CipherTrace, a global leader in cryptocurrency compliance, has introduced enhanced Monero (XMR / USD) trace visualization tools for qualified financial institutions and state agencies, PR News Wire reported as quoted by Yahoo News . They offer next-generation tools for visualizing Monero’s tracing based on research funded in part by the US Department of Homeland Security, Directorate of Science and Technology.

Fund flows can be traced back to the source

With the launch of these enhanced capabilities, CipherTrace has become the forefront of cryptocurrency intelligence. Monero’s tracing takes a step forward by making it possible to trace the flow of funds from the recipient to the source of the transaction. The enhancements allow users to prepare detailed visual reports to facilitate the interception of illegal transactions. The company has applied for two patents for the innovative tracing technology in the United States.

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Dave Jevans, CEO of CipherTrace, said:

“We are very pleased to be able to assist our clients in financial institutions and government agencies with Monero source tracing and better reporting. The availability of this enhanced Monero tracing strengthens the viability of long-term privacy coins, assuring regulators that exchanges, over-the-counter bureaus and other virtual asset service providers will be able to comply with the requirements. global anti-money laundering organizations while continuing to accept Monero. transactions.”

The price for Monero transaction source tracing is at least $ 16,000 per user per year. Current licensed users of the leading cryptocurrency intelligence firm at selected clients and agencies are eligible.

Carol Van Cleef of Bradley Arant Boult Cummings LLP noted:

“CipherTrace’s unique technology and new visualization enhancements for tracking Monero transactions are a big step forward for crypto exchanges and financial institutions who need more transparency in Monero transactions as they work hard to manage transactions. money laundering risks associated with confidentiality documents. “

Bridging protection against fraud, virtual currencies and financial services

CipherTrace bridges the gap between virtual currencies, fraud protection, and financial investigation and anti-money laundering solutions. Its analysis of huge volumes of validated blockchain transaction attribution allows it to gain superior cryptocurrency intelligence. The founders of CipherTrace place equal importance on defending against illicit financing, growing the blockchain economy, and protecting consumer privacy.

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