Sphere Collaborates with Chainalysis to Enhance Compliance
Chicago, IL. June 18 2024. Sphere, the innovative payment solutions provider specializing in stablecoin transactions, proudly announces its continued partnership with Chainalysis, the blockchain data platform. This collaboration, beginning in 2023, aims to bolster Sphere’s compliance and anti-money laundering (AML) strategies, ensuring the highest levels of trust for its users.
Leveraging Chainalysis’ Crypto Compliance Solution, in particular Address Screening, Sphere has implemented real-time wallet monitoring to detect and flag suspicious activities automatically. This collaboration enables Sphere to focus on its core mission: providing seamless, secure, and cost-effective payment solutions to merchants, particularly in underserved regions.
“As a company dedicated to financial inclusion and stability, collaborating with Chainalysis has been a significant step in our commitment to regulatory excellence and user safety,” said Arnold Lee, Co-Founder of Sphere. “With the help of Chainalysis’ Compliance Solution, we extend our platform compliance with global compliance standards and mission to foster greater trust and adoption of stablecoins in emerging markets.”
Chainalysis’ data-driven solutions are crucial in combating illicit activities within the cryptocurrency space. Their 2024 Crypto Crime Report highlights that despite illicit crypto transaction volumes constituting a small fraction of overall activity, the absolute value remains substantial. By integrating Chainalysis’ compliance solution, Sphere has enhanced its ability to trace and mitigate illicit fund flows, providing an additional layer of protection for its users.
“We are excited to collaborate with Sphere, a company making significant strides in promoting financial inclusion through stablecoin adoption,” said Nicola Buonanno, VP Southern EMEA and LatAm at Chainalysis.
“Our mission to create a safe environment for digital asset interaction aligns perfectly with Sphere’s vision. This collaboration will undoubtedly play a pivotal role in fostering a more secure and transparent financial ecosystem.”
Benefits of the Collaboration for Sphere Users:
● Peace of mind through automatic wallet monitoring
● Reduced risk of engaging with blacklisted or illicit wallets
● Strengthened trust and reliability in Sphere’s payment solutions
This collaboration marks a significant milestone in Sphere’s journey towards establishing itself as a leader in secure, reliable, and inclusive payment solutions within the stablecoin ecosystem.
About Sphere:
Sphere is an innovative platform designed to facilitate stablecoin transactions, offering merchants in underserved regions access to secure, cost-effective, and near-instant cross-border payments. With a focus on financial inclusion, Sphere provides a seamless interface that integrates stablecoins with financial service providers, driving economic growth and stability in emerging markets.
Interested in learning more about how Sphere can transform your payment processes? Learn more on our website or request access today.
Telegram: Angel Herrera
@AngeldeSolana
