When it comes to cryptocurrency, security is extremely important. Those who conduct transactions deserve to do so with a secure system that is free from risks that may put their identity and personal information in harm’s way. The latest security news concerning cryptocurrency arises from an agreement between Bifury and BASIS ID.
For those who are unaware, Bitfury is a leading and full-service blockchain technology system. Currently, the system is planning an integration with BASIS ID, which is a security tool that prevents money-laundering and that ensures that transactions conducted by customers are as secure as can be. According to the platform, those who use it will need to have their identity verified before performing a transaction.
Bitfury may significantly benefit from the use of BASIS ID. With BASIS ID, those who use Bitfury can feel secure when conducting transactions. Further, the integration between the two platforms will lead to extensive and untapped blockchain data that may increase the amount of transactions that take place as well.
Another data-analytics tool called Crystal is also poised to benefit from the merger.
Crystal is set to use the merger to monitor turnover rates, to promote access to reliable information, and to provide quality verification. With these new developments in the industry, those who conduct transactions can safeguard their interests and institutions can also cut down on the risk that they’ll be accused of promoting money laundering and the like.