- Enables confidence in new client acquisition preventing illicit actors
- Helps educate clients on cryptocurrency best practices
- Reduces false positive alerts while also saving time and resources
- Facilitates faster listing of new coins and partners to pursue new business
For anyone in the cryptocurrency industry that wants to protect its customers against fraud and adhere to regulatory standards,a blockchain monitoring solution is essential. Chainalysis helps us quickly, efficiently, and easily answer all our compliance and risk questions.”
About Coinmama
Coinmama is a financial service dedicated to making it fast, safe and fun to buy digital currency. Since 2013, over 3,000,000 people across 188 countries have trusted the Coinmama platform for their cryptocurrency needs.
Challenge
As one of the first players in the cryptocurrency market, Coinmama saw the need for blockchain analysis and visualization to help drive the company’s business operations and expansion.
Solution
As soon as Chainalysis launched, Coinmama adopted the Chainalysis KYT and Chainalysis Reactor solutions to address both its business and regulatory requirements. By enabling the company to determine and measure their risk tolerance, the solutions make it simpler for Coinmama to expand and acquire new customers while monitoring and maintaining its risk profile.
The moment Chainalysis launched, it was clear we needed a service like theirs.”
What prompted your interest in a partner like Chainalysis?
We were one of the first players in the market and Chainalysis was the first in blockchain analysis and visualization. The moment Chainalysis launched, it was clear we needed a service like theirs.
We always look into the future to try to anticipate what will be beneficial both for our business and from a regulatory point of view. Chainalysis helps us regulation-wise and with business partners.
Even though other companies have entered the market, we have maintained and strengthened our partnership with Chainalysis for years because we like their pricing model, functionality and that they respond to our requests for new features. We also appreciate having control over our risk tolerance.
How do Chainalysis tools help you build trust with customers?
Unfortunately, as happens with every new technology, crypto invites nefarious actors. Cryptocurrencies have been used by scammers and fraudsters. Using Chainalysis tools along with our other tools enables us to spot suspicious activity and raise red flags much faster with our customers. Chainalysis helps us pinpoint the customers who might be participating in risky transactions so we can focus on educating them. Do they know exactly where the funds are going? Are they sending to a regulated wallet? Chainalysis has helped us raise awareness with customers and prevent them from losing funds to scammers and fraudsters.
