CoolBitX, a Taiwan-based blockchain security company, announced on Wednesday its products, Synga Bridge and Elliptic, have released an API solution and service to facilitate private wallet transaction information.
According to CoolBitX, the Wallet Address Filter API is fully operational and ready for use as a new feature in Sygna Bridge—the market-ready solution designed by CoolBitX for Virtual Asset Service Providers (VASPs) to meet new regulatory requirements emerging from the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule” guidance.
“The Wallet Address Filter combines Elliptic’s powerful wallet screening service Lens API, with Sygna Bridge’s VASP wallet filtering features to ascertain whether counterparty wallet addresses belong to other VASP custodial wallets or private wallets.”
The Sygna Bridge Wallet Address Filter API is currently operational and ready for use, and VASPs can contact either CoolBitX or Elliptic for a free trial. While sharing more details about the service, Michael Ou, CEO of CoolBitX, stated:
“As global regulatory concerns pivot from VASP-to-VASP transactions to include VASP-to-private wallet transactions, crypto exchanges and businesses require comprehensive solutions that are future-proof while easing the burden of compliance. Through our strategic partnership with Elliptic since July 2020, we have had the chance to jointly provide VASPs with Travel Rule information sharing and transaction monitoring capabilities. Today with the addition of our Wallet Address Filter API, it is now possible for VASPs to identify private wallet transactions, with the growing need for such AML/CFT safeguards.”
Founded in2014, CoolBitX describes itself as an international blockchain security company that is building the infrastructure necessary to close the “gap” between the mainstream market and the cryptocurrency industry. The release of the Sygna Bridge Wallet Address Filter API builds on the earlier formed strategic partnership between CoolBitX and Elliptic in July 2020, which allowed customers of both companies to access solutions that are outside each’s core competencies but under the umbrella formed by the partnership.
