[ad_1]
Ethereum Classic Labs, the entity behind the Ethereum Classic (ETC) asset, and blockchain analytics group Chainalysis have joined forces.
In addition to its work on ETC-related technology, ETC Labs also runs an accelerator wing to support and aid startups in the cryptocurrency industry. Thanks to an alliance with Chainalysis, these startups can get a discount on the company’s Know Your Transaction, or KYT, technology and its training certification platform, a detailed Sept. 9 statement from ETC Labs. Additionally, entities under ETC Labs may receive regulatory guidance from the Chainalysis team.
Regulatory requirements have become a growing concern in the crypto and blockchain space as more nations have increased their overwatch in recent years. Chainlysis’ KYT technology essentially helps businesses keep tabs on their related blockchain activities, in part for regulatory compliance, while also automating processes, the statement explained.
“This partnership reflects a necessary resource and is a natural advance for our ETC-based businesses; leveling the playing field for early stage startups to successfully and responsibly build their businesses by staying informed, “ETC Labs founder James Wo noted in the statement. CRO Jason Bonds of Chainalysis also mentioned the importance and the complexity of cryptographic compliance.
ETC has faced its fair share of difficulties in recent weeks, perhaps demonstrating some of the value held in blockchain monitoring and data. The network has suffered three 51% attacks since late July.
Cointelegraph has contacted ETC Labs for further details, but has not received a response as of press time. This article will be updated accordingly if answered.
