The startup ConsenSys is preparing to launch a new product that will help exchanges and decentralized finance (DeFi) projects analyze the trading of tokens issued on the Ethereum blockchain.
The new product will help exchanges and cryptocurrency firms better meet regulatory requirements. Similar solutions from the companies Chainalysis, Elliptic, CipherTrace are already used to combat money laundering and user identification, and thanks to the ConsenSys product, exchanges will be able to better deal with illegal transactions of tokens on Ethereum.
According to representatives of the startup, the solution will perfectly suit DeFi projects and will allow users to track transactions with any of the 280,000 tokens launched on Ethereum.
“More and more decentralized applications are being created, and they need this product. We are trying to make the activities of DeFi projects more secure, transparent and easy to track, ” said Lex Sokolin, a top manager at ConsenSys.
Recall that at the end of April, CipherTrace developed the Armada tool for tracking illegal transactions with cryptocurrencies through banks and other financial organizations.