Zaftr Using CipherTrace To Enhance Compliance And Privacy For Crypto

News | April 16, 2020 By:

Digital asset service provider Zaftr has partnered with blockchain security company CipherTrace to ensure compliance and privacy for high-value crypto transactions.

Founded by leading legal and cybersecurity professionals, Zaftr is a digital asset service provider and direct buyer and seller of digital assets based in Canada. It provides a solution for investment funds, investment advisors, family offices and high net worth individuals to buy and sell digital assets.

Founded in 2015, CipherTrace develops cryptocurrency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions. These products are used by government, regulators, law enforcement investigators and auditors to enforce AML laws, combat crime and reduce fraud. Cryptocurrency exchanges also use the platform to comply with AML laws. Banks use CipherTrace to mitigate threats related to customer cryptocurrency activity.

Under the partnership, Zaftr will be utilizing CipherTrace’s Sentry monitoring service to identify any funds from criminal or suspicious activity that would otherwise remain undetected while maintaining client privacy. By utilizing CipherTrace’s monitoring service, Zaftr believes it can ensure it operates at the highest standards of integrity.

“We see incredible potential in the nascent digital asset space for those who are willing and knowledgeable to conduct themselves the right way – in a trusted and fully compliant manner. As we have seen, companies that are not committed to that ideal will not be able to survive in the cryptocurrency space, and nor should they.” explains Nathan Montgomery, President & CEO of Zaftr. “The CipherTrace offering provides us with quality information to be able to assess risk associated with digital asset wallets and allows us the flexibility to establish our own blockchain analysis processes on top of data that is used by the best and brightest. Through the CipherTrace solution, we can identify questionable or verifiably criminal activity and act accordingly to ensure the security of ourselves, our suppliers, and our customers.”

Dave Jevans, CEO and a founder of CipherTrace, said that supporting companies like Zaftr that prioritize making the digital asset economy more private, secure, and compliant is a big part of their mission.

“Zaftr’s clients, among other major financial players, should feel confident in the legality of peer-to-peer trades within the trusted digital asset class. We’ve structured our monitoring services to provide that assurance to companies like Zaftr,” Jevans said.