Professional services leader Deloitte is bolstering its clients’ blockchain tracking capabilities, following the announcement of a strategic alliance with cryptocurrency analytics firm Chainalysis.
The partnership, announced during a Chainalysis conference in Washington, D.C., on July 25, will equip Deloitte’s clients with Chainalysis’ blockchain data sets, analytics software, and training programs. These resources will augment the clients’ crypto forensic, investigative, and compliance capabilities.
A Chainalysis spokesperson explained to Cointelegraph that the alliance has been under consideration for several years. The goal is to encourage more organizations to adopt blockchain technology. Chainalysis’ President and Chief Revenue Officer, Thomas Stanley, highlighted that the collaboration targets their shared clients, including law enforcement agencies, regulators, and financial institutions.
The spokesperson elaborated, “We’re starting with a focus on regulators, law enforcement, and financial institutions given where they are at in their adoption of this technology and the unique overlap of our customer base.” Initially, the rollout will occur in the United States, but the spokesperson indicated that it’s a strategy other markets can readily adopt, expressing belief that other global markets will follow suit.
In an official document outlining the alliance, Deloitte noted some of the challenges faced by government agencies, such as obfuscation of transactions using cryptocurrencies and the laundering of crime proceeds. The international regulatory landscape further complicates the situation by making it difficult to obtain information from foreign exchanges.
Deloitte stated that the partnership with Chainalysis could help “identify the actors behind the keyboard and effectively prosecute them,” including tracing the flow of funds to high-risk or sanctioned entities. “Chainalysis will work with Deloitte’s blockchain and digital assets practice across cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance,” Chainalysis added.
Deloitte, one of the “Big Four” accounting firms globally, recently posted over 300 job listings for roles related to cryptocurrency, with 97 positions based in the United States.
In late February, Deloitte announced a collaboration with Web3 platform Vatom, aimed at providing immersive experiences across industries, including virtual reality for events, meetings, employee training, and brands seeking to build community engagement through metaverse experiences.
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