ZebPay in India is looking to keep up with that by expanding its partnership for Chainalysis KYT, i.e., Know Your Transaction. Enhanced security measures among Indian digital currency exchanges are highly recommended, following the regulatory developments in the country.
ZebPay in India expands with Chainalysis
According to a recent report, the Indian digital currency exchange, ZebPay has decided to expand its collaboration with Chainalysis, a leading blockchain analysis platform. This will extend the exchange’s usage of Chainalysis blockchain services, such as Chainalysis KYT, as well as Chainalysis Reactor.
ZebPay noted in the report that the development comes amid its mission of ensuring establishing a best-in-class and compliant platform in India, right from the start. Having used Chainalysis products in its unit in Singapore, ZebPay in India believes that the expanded collaboration with this blockchain firm will further boost the exchange.
Avinash Shekhar, the president at ZebPay, commented:
We already knew the power of Chainalysis KYT’s automated compliance features and Chainalysis Reactor’s advanced investigative capabilities from our work with them in other markets, and we know Chainalysis will set us up for successful expansion in India.
ZebPay to monitor transactions with Chainalysis KYT
Using the Chainalysis KYT, digital currency companies, and exchanges such as ZebPay in India would be able to track a significant volume of crypto transactions. Perhaps, this feature will enable these companies to spot high-risk activities on their platform on a regular term.
Additionally, real-time alerts integrated with the software will notify the exchange’s compliance unit on suspicious transactions, as well as help them to focus mostly on the suspicious activities that need urgent attention. Meanwhile, the Chainalysis Reactor will help the crypto company to study these suspicious activities further. It also helps in offering detailed reports on illicit acts like money laundering, and more.
India is set to make several advancements in the digital currency industry, however, there are still steps that need to be taken to strengthen cryptocurrency regulation in India. The CRO at Chainalysis, Jason Bonds believes exchanges with investigative software, including compliance tools, are readily positioned for these future developments.