Blockchain analysis firm Channelis has participated with data and software solutions provider Lukka to increase its virtual asset service provider risk products.
Vasps play an important role in the crypto ecosystem by providing access and adoption for both retail and institutional users.
However, the market comes with some VASP-related risks that users want to assess before onboarding on various platforms. The channelsis “address-core-lust” feature allows users to analyze on-chanting to better understand the exposure and counter-opposition risk.
Financial institutions, crypto business, regulatory and other users can avail this device. Applications include monitoring VASP with automated alerts on risk scores – a significant advantage in a market where illegal addresses were received in 2024 more than $ 40 billion.
Off-chain data integration, possible through collaboration with Lukka, will further increase VASP facility, said Channelis said blog postIntegration enables both on-chain and off-chain screening of crypto platforms, including regulatory licenses, legal unit names, and available data, including jurisdiction.
“Vasp’s on-and-chain characteristics are required for full hard work and compliance. It provides users a fast, clear and actionable snapshot to help determine whether they should invest in full proper diligence process for VASP, save time and resources, ”the channelsis wrote.
Channelis states that this integration will allow organizations to better assess potential risks and track illegal activity. It is also expected to improve and improve compliance, allowing developers to use insights to create customer safety solutions.
