To enhance its clients’ blockchain-tracking capabilities, Deloitte, the renowned professional services giant, has formed a significant alliance with Chainalysis, a leading crypto analytics firm. The collaboration, announced at a Chainalysis conference in Washington, DC, on July 25, aims to leverage Chainalysis’ blockchain datasets, analytics software, and training programs to support Deloitte’s clients in their crypto forensic, investigative, and compliance requirements.
This partnership has been in the works for several years to facilitate more widespread adoption of blockchain technology among organizations. Thomas Stanley, president and chief revenue officer of Chainalysis, emphasized that the primary beneficiaries of this collaboration would be their mutual clients, including law enforcement agencies, regulators, and financial institutions.
Initially, the alliance will focus on aiding regulators, law enforcement, and financial institutions in the United States, given their current level of technology adoption and the overlap in their customer base. However, the plan is to expand this initiative to other global markets.
Deloitte highlighted in a document outlining the partnership that government agencies face challenges when cryptocurrencies are used to obscure transactions and launder the proceeds of crime. Additionally, navigating the international regulatory landscape proves difficult when obtaining information from foreign exchanges.
The alliance between Deloitte and Chainalysis is expected to address these challenges effectively. Using Chainalysis’ expertise, the partnership aims to identify the individuals or entities responsible for illicit activities and enable successful prosecution. This includes tracing the flow of funds to high-risk or sanctioned entities.
As part of the collaboration, Chainalysis will work closely with Deloitte’s blockchain and digital assets practice across various areas, including cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance.
Deloitte’s commitment to cryptocurrency is evident in its recent job listings, with over 300 positions related to cryptocurrencies, 97 of which are based in the United States. This move reflects the company’s dedication to staying at the forefront of emerging technologies and providing innovative solutions to its clients.
Moreover, Deloitte’s previous partnership with Web3 platform Vatom demonstrates its continuous exploration of immersive experiences and virtual reality. These efforts focus on offering unique and engaging experiences to various industries, including events, meetings, employee training, and community engagement through metaverse experiences.
The collaboration between Deloitte and Chainalysis marks a significant step towards strengthening blockchain tracking and compliance services. By combining their expertise, these industry leaders aim to foster the adoption of blockchain technology and address the challenges posed by cryptocurrencies in a rapidly evolving digital landscape.