Paxful Exchange to Use Chainalysis Tools

Peer-to-peer exchange will use the Know Your Transaction and Reactors tools to check the transactions' legitimate
23 March 2020   133

The cryptocurrency and blockchain analytics firm Chainalysis has partnered with the Paxful peer-to-peer exchange, This is reported by the Block.

Under the agreement, Paxful will gain access to the Know Your Transaction (KYT) and Reactor tools developed by Chainalysis. They help identify high-risk transactions and conduct further investigations into them.

This is the first experience for Chainalysis in the field of cooperation with a peer-to-peer cryptocurrency exchange.

Paxful, which accounts for around 25% of all P2P cryptocurrency activity, is currently the only P2P exchange Chainalysis currently works with. We are open to talking to other P2P exchanges.

 

Chainalysis

Chainalysis stated that all peer-to-peer cryptocurrency exchanges are "risky in nature." As a justification, the company pointed to the decentralized structure of such platforms and the absence of the need to register accounts.

A Paxful spokesperson said that they are “investing heavily” in legal compliance and are using a “multitude of tools” to track cryptocurrency transactions.

Chainalysis tools were previously integrated by trading platforms such as Bitfinex, Binance, and Bittrex.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   240

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.