The exchange is aimed on conducting more effective Know-your-customer (KYC) and Anti Money Laundering (AML) operations. With the new alliance, Blockbid will process its operations using the ThreatMetrix 1.4 billion reliable identity database with that of LexisNexis.
While the Cryptospace is yet to receive the full backing of authorities totally, the burgeoning digital assets ecosystem is making progress towards going mainstream in the near future and big whales in the industry have been taking significant stages to make the high-grade services present in the traditional finance industry, acceptable to bitcoin-based businesses.
This deal is a great example of trying to bring the type of bank-grade capabilities to the cryptocurrency world that we’ve offered in banks around the world for decades.
Senior Vice President, LexisNexis
LexisNexis acquired ThreatMetrix for $817 million in January, in order to continue its activity in the risk and business analytics sphere.
ThreatMetrix is widely recognized as a leader in the digital identity space. Bringing that together with our own strengths in physical identity attributes will give our clients across all forms of commerce and geographies a more reliable, comprehensive approach to fraud and identity risk management while maintaining the privacy and security principles our customers have come to expect.
Risk & Business Analytics CEO, LexisNexis
The Blockbid partnership with LexisNexis will be extremely profitable for the exchange as all its KYC/AML concerns will be taken care of because the Melbourne-based exchange will also have access to a huge number of data pools with which it would identify and legitimize the clients` information.