Blockchain Security Company CipherTrace Forms New Partnership With Rakuten Wallet For Anti-Money Laundering Compliance

Blockchain security company CipherTrace announced on Wednesday it has formed a new partnership with Rakuten Wallet, a subsidiary of Rakuten Group, a global company that operates an e-commerce site in Japan, to assure anti-money laundering (AML) compliance for the Rakuten’s highly anticipated cryptocurrency exchange.

According to the duo, Rakuten Wallet has already opened its account registration process for cryptocurrency trading services. While sharing more details about the partnership, Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet, stated:

“We are happy to partner with CipherTrace in advance of our exchange launch. Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”

Dave Jevans, CEO of CipherTrace, went on to add:

“It is a major step for an e-commerce giant like Rakuten to both acknowledge cryptocurrency’s potential and adopt it. We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market. We are excited to blaze this trail with Rakuten Wallet.”

Founded in 2015, CipherTrace develops cryptocurrency anti-money laundering, cryptocurrency forensics, blockchain threat intelligence and regulatory monitoring solutions.

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