Coinbase unveiled new anti-fraud features
Coinbase Intelligence will allow tracking transactions in real-time and identify suspicious transfers through an API
29.04.2022 - 09:55
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1 min
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What’s new? The Coinbase crypto exchange has unveiled a new set of anti-fraud tools, Coinbase Intelligence, on its blog. As part of this project, the exchange introduced Know Your Transaction (KYT) and an update to Coinbase Analytics. KYT will allow companies to identify suspicious transactions through an API interface and track transfers in real-time.
More details about the innovations. Coinbase KYT is a transaction screening tool that financial institutions and cryptocurrency companies can use to “proactively manage risk.” The system checks transfers for criminal activity using special evaluation algorithms.
Coinbase Analytics has been renamed Coinbase Tracer. Previously, it was an internal transaction analysis tool, the exchange will now make this system available to other companies to track the movement of funds and assess risk in more detail.
The exchange has also updated the user interface, making it more user-friendly, the company’s blog says.
What preceded it? On April 20, Coinbase announced the launch of a beta version of the NFT marketplace. The trading platform is already available to a limited number of users.
The crypto exchange also reported its entry into the Indian market. Coinbase already partnered with the local startup, Buidlers Tribe, a Web 3.0 incubator.
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