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Mercredi 3 Mars 2021

Crypto: CoolBitX’s Sygna Bridge and Elliptic Releases API Solution and Service to Facilitate Private Wallet Transaction Information Discovery


Disclaimer: The text below is a press release that was not written by Finyear.com.
Avertissement : Le texte ci-dessous est un communiqué de presse qui n'a pas été rédigé par Finyear.com.



CoolBitX’s Sygna Bridge and Elliptic Releases API Solution and Service to Facilitate Private Wallet Transaction Information Discovery

Joint solution launches ahead of extended regulatory oversight on transfer of crypto assets to private, non-custodial wallets

Taipei, Taiwan — 3 March 2021 — CoolBitX, the blockchain security company that is building the infrastructure necessary to close the gap between the mainstream market and the crypto industry has released the Sygna Bridge Wallet Address Filter API—a service that distinguishes between custodial and private wallet addresses. The Wallet Address Filter API is fully-operational and ready for use as a new feature in Sygna Bridge—the market-ready solution designed by CoolBitX for Virtual Asset Service Providers (VASPs) to meet new regulatory requirements emerging from the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule” guidance.

The first-to-market Wallet Address Filter combines Elliptic’s powerful wallet screening service Lens API, with Sygna Bridge’s VASP wallet filtering features to ascertain whether counterparty wallet addresses belong to other VASP custodial wallets or private wallets. In accordance with AML/CFT requirements, VASPs can use the combined service to identify and report mandated transaction details to authorities, or flag suspicious transactions and entities. The Sygna Bridge Wallet Address Filter API is currently operational and ready for use, and VASPs can contact either CoolBitX or Elliptic for a free trial.

Michael Ou, CEO of CoolBitX said: “As global regulatory concerns pivot from VASP-to-VASP transactions to include VASP-to-private wallet transactions, crypto exchanges and businesses require comprehensive solutions that are future-proof while easing the burden of compliance. Through our strategic partnership with Elliptic since July 2020, we have had the chance to jointly provide VASPs with Travel Rule information sharing and transaction monitoring capabilities. Today with the addition of our Wallet Address Filter API, it is now possible for VASPs to identify private wallet transactions, with the growing need for such AML/CFT safeguards.”

The current regulatory requirements in the United States of America for VASPs to collect Know Your Customer (KYC) data could also include crypto asset transactions to private wallet addresses, as recently proposed in December 2020 by the U.S. Financial Crimes Enforcement Network (FinCEN). With current global FATF Travel Rule standards requiring data collection from VASP-to-VASP transactions, the industry is expecting guidance towards the treatment of private wallet transactions later this year.

The Sygna Bridge Wallet Address Filter API distinguishes transfer requests sent from originator VASPs resulting in one of two possible outcomes:
1. The counterparty is a VASP
a. The VASP is subject to robust KYC and AML filters through onboarding due diligence when they request to join Sygna
b. Sygna Bridge is used to fulfill FATF travel rule requirements.
2. The counterparty is not a VASP
a. Elliptic provides screening services and returns a “0 - 100” risk score of the private wallet (with 100 being the highest risk score).

The release of the Sygna Bridge Wallet Address Filter API builds on the earlier formed strategic partnership between CoolBitX and Elliptic in July 2020, which allowed customers of both companies to access solutions that are outside each’s core competencies but under the umbrella formed by the partnership. For example, VASPs signed up with Sygna’s bundle service with Elliptic can have access to information sharing with VASPs that are interoperable with Sygna Bridge within its wallet directory, while utilising Elliptic’s blockchain analytics and transaction monitoring capabilities.

elliptic.co

About CoolBitX
CoolBitX Ltd. (CBX) is an international blockchain security company building the next-generation infrastructure necessary to maximize digital asset adoption. Founded in 2014 by Michael Ou and backed by SBI Holdings, CoolBitX provides solutions for a rapidly-changing blockchain industry in order to foster the mass adoption of virtual assets through its two product lines: CoolWallet S and Sygna. CoolWallet S is a credit card-sized hardware wallet that allows for Bluetooth-enabled pairing with users’ mobile phones. The Sygna line of regulatory compliance products are tailored toward Virtual Asset Service Providers (VASPs), simplifying the process for VASPs to meet the compliance standards of the traditional financial industry and improve the reputation of the virtual currency industry.
https://coolbitx.com

About Sygna Bridge
Sygna Bridge is a user friendly, and secure data exchange compliance solution that allows Virtual Asset Service Providers (VASPs) to comply with data exchange regulation. For VASPs licensed or registered in any of the 200 global jurisdictions committed to FATF Recommendations, Sygna Bridge is a first-to-market solution that simplifies the complex and labor-intensive task of meeting the "travel rule" requirements as defined in FATF Recommendation 16. As a testament to meeting the highest level of information security, Sygna Bridge will achieve the ISO/IEC 27001 certification, a globally recognised standard for Information Security Management System (ISMS) in April 2021.
https://sygna.io



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