Ethereum Classic Labs (ETC Labs), the entity behind the Ethereum Classic (ETC) asset, has partnered with Chainalysis, the blockchain analysis outfit.
It has been reported that ETC Labs, aside from its work on ETC-related technology, also operates an accelerator wing for backing and helping startups in the crypto industry, as it has partnered with Chainalysis, these startups can get a discount on the company’s Know Your Transaction (KYT) technology, and its training certification platform.
However, entities under ETC Labs can receive regulatory guidance from the Chainalysis team.
The report said that regulatory requirements have become a growing concern in the crypto and blockchain space as multiple nations have increased their overwatch in recent years.
We've partnered with @chainalysis to offer automated transaction monitoring and training at a discounted rate to our startups, projects, and grantees. Click the link for full details! https://t.co/ByQpPyK89t — Ethereum Classic Labs (@etclabs) September 9, 2020
The statement explained that the KYT technology from Chainalysis essentially aids companies in keeping tabs on their related blockchain activities, in part for regulatory compliance, while also automating processes.
James Wo, the Founder of ETC Labs, said:
“This partnership reflects a necessary resource and is a natural progression for our companies building on ETC; leveling the playing field for early-stage startups to successfully and responsibly build their companies while staying informed.”
Also, Jason Bonds, the CRO of Chainalysis, mentioned the importance and complexity of crypto compliance.
It has been analyzed that ETC has faced its fair share of difficulties in recent weeks, perhaps proving some of the value held in blockchain tracking and data. The network has suffered three 51% attacks since the end of July.
The mission of ETC Labs is to build relevant, accessible, and high-quality technology, and to use that technology to create communities of value in a mature and regulated ecosystem. The ultimate goal is to fulfill the promise of blockchain to improve people’s lives using Ethereum Classic, one of the world’s major public blockchains.
Source: Cointelegraph | Image: Ethereum Classic Labs