Private Crypto Wallet Transactions Now Verifiable Via CoolBitX’s Sygna Bridge And Elliptic’s API Solution

Announcements, Innovation, News | March 4, 2021 By:

Blockchain security company CoolBitX has released the Sygna Bridge Wallet Address Filter API to allow Virtual Asset Service Providers (VASP) to verify private wallet transactions and flag suspicious entities to authorities.

Founded in 2014, CoolBitX is a FinTech firm specializing in manufacturing secure, US-patented digital asset hardware and developing smart contract platforms. The goal of the company is to build the infrastructure necessary to close the gap between the mainstream market and crypto industry.

In a press release, CoolBitX announced that the Wallet Address Filter API is now fully-operational and ready for use as a new feature in Sygna Bridge – the market-ready solution designed for VASPs to meet new regulatory requirements emerging from the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule” guidance.

The API solution combines Elliptic’s powerful wallet screening service Lens API, with Sygna Bridge’s VASP wallet filtering features to ascertain whether counterparty wallet addresses belong to other VASP custodial wallets or private wallets. In accordance with AML/CFT requirements, VASPs can use the combined service to identify and report mandated transaction details to authorities, or flag suspicious transactions and entities.

“As global regulatory concerns pivot from VASP-to-VASP transactions to include VASP-to-private wallet transactions, crypto exchanges and businesses require comprehensive solutions that are future-proof while easing the burden of compliance,” said Michael Ou, CEO of CoolBitX. “Through our strategic partnership with Elliptic since July 2020, we have had the chance to jointly provide VASPs with Travel Rule information sharing and transaction monitoring capabilities. Today with the addition of our Wallet Address Filter API, it is now possible for VASPs to identify private wallet transactions, with the growing need for such AML/CFT safeguards.”