After successfully launching the Transparency Hackers Initiative, Hacken is once again celebrating another mega milestone. The ethical-hacking, community-powered cybersecurity ecosystem has partnered with Crystal Analytics tool. They will integrate Bitfury’s proprietary tool in their everyday tools and efficiently verify wallet addresses of crypto exchanges.
We’re pleased to announce a partnership with @CrystalPlatform! Together we’ll widen and validate our exchange wallets base to continue CERtification initiative. Crystal is a blockchain analytics tool for law enforcement and financial institutions. Read NOW https://t.co/642sOhk2RC pic.twitter.com/xVoitm7X0Y
Regarded as probably the best, most refined analytics tool for Blockchain projects, Bitfury’s Crystal platform understandably has lots of admirers. It is developed by Bitfury Group, an Amsterdam-based company. Some of its enthusiasts, however, include law enforcement agencies and financial entities that use it to trace and identify questionable dealings and transactions.
Crystal platform fundamentally features some state-of-the-art data analytics and scraping functionalities; exactly what is needed to track transactions involving cryptocurrencies. And with it, monitoring a BTC transaction or uncovering heinous criminal relationships and their suspicious activities online is a breeze. Incredibly, the best thing with the Crystal Analytics tool is the fact that it’s secured by the Blockchain technology.
What Could Have Necessitated The Creation Of CER Platform And The Partnership With Crystal?
The crypto industry is no stranger to issues around money laundering, wash trading and fake trade volumes among a couple of other fraudulent schemes. Yet, despite knowledge of their existence is in the limelight all along, tackling all of them has always been a complex, nearly impossible ordeal.
If the sector was to effectively get rid of them, renowned entities, including investment banks and big money investors will freely channel their funds into profitable crypto-based projects. That’s why Hacken set out to rid the industry of the suspicion associated with questionable dealings.
It, therefore, decided to partner with as many transparency hackers and reliable exchanges as possible. Part of the agreement with its partners was to get Hacken’s Solvency CERtificate; a certification signifying adherence to utmost transparency, solvency, and sustainability.
Along the way, however, this ethical-hacking and cybersecurity tracking ecosystem discovered that it was still lacking one key component. They needed a platform that would help verify addresses of cryptocurrency wallets, a factor that Crystal would adequately solve!
Finer Details About The Partnership
According to CER, the partnership marks a massive breakthrough in their quest for even better and legal use of crypto. They believe that along with the Crystal Analytics tool, they will transform the crypto industry into an open, fair and user-oriented platform.
Crystal will support the project’s Transparency movement by in several fronts. Ideally, it will be involved in the following:
- It will primarily offer a valuable hand in verifying the genuineness of crypto exchange wallets. Hacken’s CER will rely on them to solely handle validation as they work on other tasks.
- Crystal will also provide their wallet’s base to back the projects of CER and essentially provide its users with factual and updated data regarded the balances on their exchanges. This particular role is highly crucial in the success of the whole project given the sheer volume of hot and cold wallets that crypto exchanges have.
The Partnership Is A Huge Win For Asset Traders, According To Crystal
According to the CEO of Crystal, Marina Khaustova, the company’s mission has always been to make cryptocurrency ecosystems safe and compliant enough to allow traders to interact freely. And so, by partnering with Hacken in their CER project, their contribution will go a long way in helping bring about transparency and safety of crypto assets.
What The Future Holds
At the moment, the project is busy tracking hot and cold wallet exchanges numbering over 35 million. They have already identified which exchanges are the leaders in the crypto world, based on their trading volumes. Going forward, however, they expect the partnership to boost their operations and streamline them further.
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