American exchange platform, Coinbase has introduced a new feature Coinbase Intelligence to help with the compliance needs of regulatory authorities, crypto businesses, financial institutions, and law enforcement agencies.
Coinbase Intelligence is the platform’s suite of products that will work to protect the crypto economy from bad actors and illegal activities.
One of the products introduced by Coinbase Intelligence is Coinbase Know Your Transaction (KYT). This product helps businesses manage risk based on Coinbase’s proprietary risk scoring system. Businesses can mitigate risk on their own platform through Coinbase’s API.
Using the API, businesses can automate their monitoring system for real-time transactions using the risk scores generated by Coinbase for addresses. Businesses will be alerted if there are any changes in risk profiles.
The API can also easily configure rules engine and risk insights into existing third-party case management tools. Lastly, it screens transactions for AML-related flags and anti-terror financing.
Coinbase has also updated one of its existing products called Coinbase Analytics to Coinbase Tracer. Coinbase Analytics is used by the team for analysis and risk mitigation as well as to leverage their first-party transactions. The product, today is used by government and law enforcement agencies too.
Coinbase Tracer is an updated version of the Coinbase Analytics which can be used by other scaled organizations. This product does the following tasks:
- It links activity to real-world activities.
- It visualizes the flow of funds using public attribution data.
- The product provides risk scores and alerts.
- It helps in reducing fraud, demystifies counterparty risks and flags AML related risks.
- The product easily integrates with other case management tools and transaction monitoring systems.
Coinbase Tracer has an updated user-interface, making it friendlier and more visually-engaging. Coinbase also says that more updates will be launched soon.
Coinbase is a leader and pioneer in the crypto industry. Apart from being a widely-used crypto exchange platform, Coinbase launched a beta version of its NFT marketplace a week ago.
