Blockchain Intelligence Group Signs Client Agreement With SBI Subsidiary

News | February 21, 2019 By:

Blockchain Intelligence Group (BIG) signed a multi-service client agreement with SBI BITS, a subsidiary of Japanese financial services giant SBI Holdings, for the use of BIG’s crypto risk-scoring and data analytics tools.

BIG is a global technology company offering innovative search, analytics and risk-scoring technology solutions for the cryptocurrency marketplace. The firm’s proprietary risk-scoring tool, BitRank Verified, provides instant visibility into the history of cryptocurrency wallets. It blockchain agnostic search and analytics engine, QLUE, allows RegTech, law enforcement and government agencies to trace, track and monitor cryptocurrency transactions at a forensic level.

Under the agreement, SBI BITS will use BIG’s BitRank Verified and QLUE crypto forensic investigation platform service to demonstrate regulatory compliance for SBI’s proprietary cryptocurrency exchange VCTRADE. SBI reportedly integrated BIG’s BitRank Verified into its VCTRADE platform and was able to execute regulatory compliance, and provided additional anti money laundering (AML) checks to its rapidly growing client base. SBI will use QLUE in its forensic investigations into bitcoin and ethereum transactions.

According to BIG, the initial one year contract for the use of its service will result in estimated revenues of $30,000 to BIG, which will be paid fees based on API queries processed through the BitRank Verified service and QLUE service.

BIG CEO Lance Morginn said that BIG’s services will help SBI deal with cryptocurrencies and crypto transactions with greater transparency and security, in meeting increasingly demanding compliance regulations, engage in AML detection efforts, and perform forensic investigations.

“We’re looking forward to working closely with the world-class team at SBI to bring greater security and accountability to their cryptocurrency-related ventures,” Morginn said.

Yoshitaka Kitao, President and CEO of SBI Holdings, said that given the compelling size of their existing customer base, they believe that the VCTRADE crypto trading platform will quickly emerge as the industry leader, which is why it is important to have BIG’s services in place.

“We look forward to all the ways we can benefit from BIG’s services as we move forward,” said Kitao.