Fintech crypto company Payhound has partnered with Chainalysis, a blockchain data platform, for its compliance and risk management strategy.
Payhound has stated that the collaboration aims to protect its operations from malicious activities and maintain high compliance standards, highlighting the company’s dedication to upholding the highest regulatory compliance and security standards in the industry.
The deal leverages Chainalysis solutions, with Payhound gaining access to a suite of investigation, compliance and risk management tools.
Chainalysis is spearheading efforts to build a secure global economy using blockchain technology. Its data platform is crucial for businesses and governments, providing insights and protection for customers in an increasingly digital world.
Michele Santulin, Regional Director Mediterranean Area at Chainalysis, said: “In today’s crypto market, where trust is key to success, companies like Payhound need to take advantage of blockchain’s built-in transparency and use advanced blockchain analysis solutions to maintain strict adherence to regulations, protect their brands, and last but not least, offer reliable services to their customers. We are thrilled to support Payhound in that mission.”
Headquartered in Malta, Payhound, founded in 2018, specialises in the betting industry, a sector often under scrutiny for regulatory compliance. This partnership with Chainalysis looks to navigate some of the security and regulatory hurdles of the digital betting sector.
Elton Dimech, Managing Director at Payhound, commented: “Chainalysis is an invaluable resource for companies such as Payhound. Their forensic data and analytical approach, allowing for continuous crypto transaction monitoring, has proven indispensable in an effort to adhere to our own AML and Compliance obligations.”
Earlier this year, Playhound agreed a deal with LSports to support the sports data provider in streamlining its payment processing capabilities.