NEW YORK, Oct. 8, 2021 /PRNewswire/ -- Chainalysis, the blockchain data platform, today announced a long-term partnership with Dapper Labs, creator of CryptoKitties and NBA Top Shot, to leverage Chainalysis products to power their business and compliance decisions. Dapper Labs turned to Chainalysis to obtain a clearer line of sight into the transactions occurring on their platform in order to establish a comprehensive compliance and regulatory management process.
As the NFT ecosystem undergoes rapid growth and transformation, market leaders like Dapper Labs are bringing new and engaging experiences onto the blockchain to attract more widespread adoption. However, growing consumer access to cryptocurrency requires a careful examination of the funds being used to purchase NFTs and the use of a comprehensive compliance monitoring solution that can help detect and prevent NFT money laundering and market manipulation.
"Ultimately, our team at Chainalysis is preparing for a world where all types of value will flow on blockchains: art, gaming, business transactions, and other other uniquely engaging digital experiences," said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. "We are excited to partner with a market leader in bringing the world of entertainment onto the blockchain, and look forward to helping Dapper Labs scale its compliance processes as the company pioneers new consumer use cases."
The two cryptocurrency compliance tools on the frontlines of this partnership – Chainalysis KYT and Chainalysis Reactor – enable companies like Dapper Labs to leverage Chainalysis data to manage a vast set of their current compliance needs. Chainalysis KYT flags risky and illicit activity in real-time, while Chainalysis Reactor enables deeper investigations into those transactions. With these tools, Dapper Labs can gain a deeper understanding of the funds being used to purchase NFTs to combat criminal activity on the blockchain.
"NFTs are one of the most exciting spaces in cryptocurrency, but they will only be successful in the long-term if we can ensure a safe environment for our customers," said Naeem Bawla, Associate Director of Compliance, Dapper Labs. "We're thrilled to partner with Chainalysis to keep potential bad actors off our platform, combat money laundering, and at the same time, stay on top of the quickly-evolving local and global regulatory and compliance space. We look forward to partnering with Chainalysis as we bring new digital engagement opportunities to market on the back of the success of NBA Top Shot and CryptoKitties," stated Lana Schwartzman, Chief Compliance Officer, Dapper Labs.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world's most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About Dapper Labs
Dapper Labs, the company behind NBA Top Shot and the original developers behind the Flow blockchain, uses blockchain technology to bring NFTs and new forms of digital engagement to fans around the world. Since it was founded in 2018, Dapper Labs has given consumer enthusiasts a real stake in the game by bringing them closer to the brands they love, enabling engaged and exciting communities for them to contribute to, and powering new pathways for them to become creators themselves. Dapper Labs' current studio partners include the NBA, NBPA, WNBA, WNBPA, Warner Music Group, Ubisoft, Genies and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Coatue, Union Square Ventures, Venrock, Google Ventures (GV), Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others. For more about Dapper Labs' products and mission, visit dapperlabs.com.
SOURCE Chainalysis, Inc.