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A professional services firm Deloitte has allied with Chainalysis, a crypto analytics company, to enhance its customers’ blockchain tracking capabilities. This was announced on July 25 during a Chainalysis conference in Washington, DC. It was revealed that the partnership would result in the firms’ blockchain datasets, training programs, and analytics software aiding Deloitte’s clients with analytical, crypto forensic, and compliance needs.

Deloitte-Chainalysis Alliance to Facilitate Adoption of Blockchain Technology

A spokesperson from Chainalysis disclosed that the conversations with the newly established alliance had been discussed for some time to enable more firms to embrace blockchain technology. According to Chainalysis’ chief revenue officer and president, the alliance focuses on common customers, for instance, regulators, law enforcement organizations, and financial organizations.

Thomas added that the technological adoption levels and the client base’s unique overlap of law enforcement, regulators, and financial organizations are the reasons for the focus. He also stated that the United States would be the first target. However, he still believes that other markets can readily embrace it. As such, other international markets will follow suit. 

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Deloitte Embracing to Ease Handling of Obscure Crypto Transactions

A document explaining the partnership captures Deloitte’s admission that government agencies encounter challenges such as using cryptocurrencies to obscure transactions and dealing with laundering crime proceeds. Additionally, the global regulatory scene establishes obstacles when acquiring data from foreign exchanges. 

According to Deloitte, the two firms’ coalition can aid in the identification and effective prosecution of keyboard actors. This entails the shift of funds to authorized or high-risk entities. Chainalysis added that its partnership with Deloitte’s blockchain and digital assets will focus on digital asset and cryptocurrency risk, anti-money laundering/ know your customer (AML/KYC), investigation, and regulatory adherence.

Deloitte’s Readiness in Cryptocurrency Advisory Role Evident in Recruitment

Recently, Deloitte, one of the world’s major accounting companies, posted more than 300 job listings concerning cryptocurrency-associated roles, with 90 of them being based in the U.S. 

In late February, it declared an alliance with Vatom, a Web3 platform, to offer profound experience to various industries. This ranges from utilizing virtual reality or events, worker training, and meetings to brands that focus on creating community engagement with metaverse experiences. 

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Michael Scott

By Michael Scott

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