The American company focused on legal-commercial research and risk management services based on Big Data analyzes, LexisNexis, is partnering with the Australian exchange Blockbid.
At the end of February 2018, the parent company of LexisNexis Risk Solutions, RELX Group, acquired ThreatMetrix for more than $ 800 million USD. Also of Australian origin, ThreatMetrix provides companies with SaaS-Software as a Service that can identify whether certain online transactions are fraudulent or not.
The purpose of the partnership is to verify the identity of Blockbid’s customers via the ThreatMetrix-supplied database, which accounts for no less than 1.4 billion profiles.
Since KYC and AML formalities are very common in the crypto sphere, Blockbid wants to use its own database but also that of ThreatMatrix. LexisNexis senior vice president, Thomas Brown, is pushing ahead with the company’s innovative and disruptive technology: the goal is to offer cryptos exchanges the same range of options as traditional financial services.
” This partnership is the perfect example of banknotes adapted to cryptos; we have been offering this type of service for decades to different banks around the world, “he says.
An optimal diligence is, in fact, difficult to exert for exchange cryptos like Blockbid, but also for other start-up trusts. The traceability of funds is fundamental in this branch, very careful and is necessary to identify all kinds of illicit financial flows.
Finding New Risk Solutions
Through the notion of cross reference, the profile of new clients will be put into perspective with the watch list formed from thousands of other lists; the associated risks will then be mitigated and managed. With a turnover of $ 2 billion in 2017, the list of possible partnerships in the world of cryptos continues to grow for LexisNexis Risk Solutions.
Faced with the increase in the risk of fraud, condemnable both at regional and national level, Blockbid wants above all to provide its services in due form. This is a breakthrough that greatly shakes up the anonymity so much sought after by the pioneers of cryptos; conversely, institutional clients are constantly seeking to justify their identities.
After raising through their ICO in 2017 $ 1.2 million, Blockbid CEO David Sapper and his team have been busy finding a device that allows users to identify themselves; but it was when the company heard about the acquisition between ThreatMetrix and LexisNexis that the decision to collaborate was made: the watchlist of LexisNexis then made sense.
In the current state of affairs, where some cryptos like Zcash or Monero try as best as they can to keep the total anonymity of their users, the ThreatMetrix digital identity network uses geolocation of mobile devices but also collects data. Behaviors from a registry listing 5,000 profiles to allow users to access their accounts. In addition to the network created, other services include proxy-piercing technology; it can target and identify hackers wanting to hide their identities through VPNs and browsers such as Tor.
“As soon as they visit our site, the identification process feeds the ThreatMetrix database.” Their actions and behaviors identify whether or not the mobile device is fraudulent.
In addition, this partnership promises a certain change in cryptos currencies with a market capitalization of more than $ 340 billion.
Considered as part of a community where anonymity prevailed and where the first users claimed an anti-regulation movement, the digital currency sphere is seen more and more under scrutiny through many more sophisticated computer tools. as each other.