Coinbase launches new line of products to mitigate fraud
Coinbase is launching a new line of products to keep pace with global crypto regulations and prevent illegal transactions.
The new initiative, dubbed Coinbase Intelligence, features Coinbase Know Your Transaction (KYT) and an update to its existing Coinbase Analytics offering.
Coinbase KYT allows companies to spot illegal transactions through an API and monitor transactions in real-time to mitigate risk based on a "proprietary risk scoring system," according to a blog post from the company published Thursday.
Coinbase Analytics, which was an internal tool used to leverage "first-party transactions data"has now been renamed Coinbase Tracer. Coinbase Tracer will now be offered to other institutions to help them reduce fraud and keep track of how funds are moving.
"We’ve also updated our user interface to be more user friendly, visually engaging, and in-line with our other Coinbase products," said the blog post.
Coinbase Analytics had a controversial start, starting with the acquisition of a company that drew criticism because the founders were involved with an Italian spyware firm. Coinbase later parted ways with the team. A year after the acquisition, the company drew negative attention again for wanting to sell blockchain analysis software to the US government. The firm ultimately cut deals with several US agencies.
