Chainalysis announces long-term partnership with Dapper Labs for monitoring NFT transactions
October 7, 2021, 9:00AM EDT
1 min read
Dapper Labs, the startup behind NBA Top Shot, announced Thursday that it will partner with the blockchain analytics firm Chainalysis.
Dapper Labs will leverage Chainalysis’ blockchain analytics tools to monitor transactions and ensure better compliance to regulatory guidelines. In particular, Dapper Labs plans to use Chainalysis’ tools Know Your Transaction (KYT) and Reactor to respectively flag suspicious activity and investigate those interactions.
“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 of Dapper Labs in a statement shared with The Block. “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.”
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.