QUOINE Exchange to Use BIG Blockchain Group’s BitRank Verified For Risk Protection
New Client Agreement with BIG and QUOINE Promotes Use of BitRank Verified
BIG Blockchain Intelligence Group Inc. is known for the work that they do with blockchain and crypto tools, which includes options like risk scoring, data analytics, and investigation services. However, their risk-scoring service, which is called BitRank Verified, has been one of their most appealing protocols, and it attracted the attention of QUOINE, a company for digital asset and crypto exchanges.
This is only the second client agreement that BIG has established with such a large crypto exchange, apart from Canada’s Einstein Exchange.
Along with the use of BitRank Verified, QUOINE may be permitted to use the blockchain forensic investigation platform, which is available on an as-needed basis. The platform is called QLUE, and it is linked with the Forensic Services division of the company.
QUOINE is successful in its own right, as they are responsible for the launch of QUOINEX and QRYPTOS. They followed the laws established by the FSA in Japan, and are presently the first compliant digital asset exchange, making in the most trusted platform in the country. Right now, it annually handles over $12 billion in USD alone, and it thrives on security.
That must be why they want to add a risk-scoring service to their platform, improving their security measures to an even greater degree. However, it is the new access to forensic services that will help them investigate illicit activities in the industry.
According to reports, this new service will specifically help QUOINE and QUOINEX to:
- Reduce the risk that the exchange faces with regard to cryptocurrency
- Improve the confidence from the public in the exchange
- Promote better Anti-Money Laundering efforts
- Increase transparency to validate transactions
- Deter cybercriminals from attacks, based on the threat and follow through of better security
- Support customers that want to feel more secure in their crypto transactions.
Every time the QUOINE exchange processes a Bitcoin transaction, BIG Blockchain Intelligence Group Inc. will charge a fee to check the interaction against the BitRank Verified services. The optional use of the forensic department will require QUOINE to pay a licensing fee each month.
Lance Morginn, who is the CEO of BIG, issued the following statement on this topic:
“We’re excited to add QUOINE to our list of clients. This is the second major exchange joining out list of clients, with Einstein Exchange being first in Q2 2018. This partnership with QUOINE represents a new industry standard of safety for other organizations to follow in the financial space, where they can deal with cryptocurrencies in confidence, transparency, and security as they meet compliance regulations and engage in AML.
With QUOINE’s focus on cryptocurrencies and making financial services accessible to all, it is imperative their customers feel secure and confident in the transparency and validity of the transactions involved. We’re definitely looking forward to working with a team that’s as serious about security as we are at BIG.”
QUOINE’s co-founder and CEO, Mike Kayamori, had his own view on the integration, though it was equally positive and optimistic. He said,
“BIG was the natural choice for us. We already provided exceptional security measures, from extensive KYC (Know Your Customer) procedures to ensuring we only deal with legitimate individuals and organizations and reviewing transactions on an ongoing basis to prevent money laundering activities. Now, we will offer even greater security with the help of BIG’s risk-scoring service.”
With the BitRank Verified technology, QUOINE plans to validate both inbound and outbound transactions, looking at if they are connected with any criminal interaction. Anytime that the technology finds a transaction that is worrisome, it will be flagged, and QUOINE will be able to employ QLUE for more forensic research to determine what security threats are at hand.
They will have the Forensic Services Division to back QUOINE up for anything that is more complex than what QLUE understands.