Cabital Builds A Robust Cryptocurrency Financial Crime Risk Management Programme With Chainalysis
VILNIUS, Lithuania, 28 October 2021 – Cabital, a leading digital assets institution, today announced Chainalysis’ data platform as their service of record, utilizing Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor products to further build upon its already robust compliance framework.
As regulators continue to scrutinize the growing cryptocurrency industry, companies that interact with digital assets must now comply with new legislation from their local government agencies. Once optional, Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements are now compulsory and must be strictly adhered to protect users from nefarious activities.
Chainalysis KYT combines industry-leading blockchain intelligence, an easy-to-use interface and a real-time API to reduce manual compliance workflows. Chainalysis Reactor is an investigations solution that allows organizations to conduct enhanced due diligence and investigate suspicious activity on blockchains and deploy strategies to reduce their illicit exposure.
Chainalysis’ cutting-edge data platform will enable Cabital to fulfill its regulatory obligations and continually improve its compliance strategies.
Raymond Hsu, Cabital’s Chief Executive Officer and Co-Founder, said:
“Cabital places compliance at the heart of everything we do to ensure that our shareholders, employees and customers always have peace of mind. I am proud that we have been using Chainalysis’ KYT and Reactor products to empower us to meet applicable regulatory requirements on AML in each of our markets with ease and agility. Integrating Chainalysis’ blockchain data platform into our business has allowed us to review and escalate cases, and create the perfect audit trail. I look forward to leading Cabital with our outstanding team into the future in a safe, secure, and compliant fashion.”
Ulisse Dell'Orto, Managing Director of APAC, said:
“As adoption continues, regulators are searching for ways to protect consumers without stifling the industry’s innovation. Chainalysis’ data platform will provide Cabital, a leading digital asset institution, with the tools necessary to build user confidence while evolving with the ever-changing cryptocurrency landscape. We look forward to enabling Cabital to fulfil its regulatory obligations and further pursuing our joint mission of building trust in blockchains.”
Last month, Cabital announced that it has added the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods, enabling customers to seamlessly change between euros and cryptocurrencies to generate high-yield passive income.
The SEPA announcement came after Cabital’s recent successful $4 million seed round that was led by SIG, Dragonfly, and GSR, increasing our valuation to $40 million. That followed Cabital’s recent successful angel round where we raised $3 million.
Cabital is a leading global digital assets institution. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to buy cryptocurrencies with euros and acquire higher returns on their investments of up to 12% APY.
Cabital’s compliance programme is modelled after leading global financial service providers. We use Sumsub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer and settlement platforms.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator. It has related entities incorporated in Singapore, Malaysia and China. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF, and is subject to the European Union’s General Data Protection Regulation.
Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS and AIA Group.
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