SINGAPORE, May 29, 2023 /PRNewswire/ -- Nami Foundation, a pioneering organization in the field of digital assets and technology financial economics in Vietnam, today emphasized its commitment to compliance through the use of Chainalysis' blockchain data platform. As a result, Nami Foundation now has stronger transaction monitoring and investigation capabilities to detect money laundering and terrorist financing while protecting users from illicit activity on its blockchain services, Nami Exchange and Nami Insurance.
Blockchain technology is revolutionizing the financial industry, including through the emergence of digital assets - and this is especially the case in Vietnam. In the Chainalysis Global Cryptocurrency Index 2022, Vietnam topped the charts for the second year in a row, as a result of the nation's extremely high purchasing power and population-adjusted adoption across centralized, DeFi, and P2P cryptocurrency tools. Research from 2020 reported that 21% of Vietnamese consumers use or own cryptocurrency, second only to Nigeria at 32%, and the adoption rate has likely only grown since then. However, the rise of new technologies also brings potential security risks which could impact end users. In fact, the Chainalysis Cryptocurrency Crime Report 2023 found that illicit transaction volume rose for the second consecutive year in 2022, hitting an all-time high of $20.1 billion.
To minimize potential risks, many blockchain organizations have conducted audits and invested in machine learning-driven blockchain analysis tools. Organizations have also collaborated closely with security units to monitor abnormal transaction activities and prevent abuse while alerting users when necessary. By taking these measures, blockchain organizations are proactively enhancing security and ensuring the safety of financial transactions, while ensuring compliance to the latest regulations.
"Security and compliance are the top priority for blockchain organizations when developing financial products," said Nguyen Tuan Nam, COO of Nami Foundation. "We are excited to be working with Chainalysis, one of the leading blockchain data platforms trusted by the most reputable names in the field, to strengthen our compliance and hone our capabilities in monitoring and investigating transactions, while protecting users from illicit activity."
Through the use of Chainalysis' data platform with Nami Foundation's services in late 2022, Nami's development team can monitor transaction data on its systems, receive risk alerts from Chainalysis and then deploy asset protection solutions where required. When there are high-risk transactions occurring on Nami Foundation's services, the product development team will be enabled with Chainalysis' blockchain analysis tools to suspend the transaction, investigate and verify before the assets are transferred to the receiving wallet. This helps to limit fraud cases where hackers take advantage of investors' trust. Nami Foundation's relationship with Chainalysis highlights the importance of collaboration among industry players in maintaining the integrity and trustworthiness of the blockchain ecosystem.
Joshua Foo, Regional Director ASEAN & Central Asia at Chainalysis: "Chainalysis' mission is to build trust in blockchains, and we are honored to be driving this with Nami Foundation. Vietnam's burgeoning blockchain ecosystem is one that we are committed to, and blockchain analysis backed by quality data is key to ensuring a safe, secure and compliant user experience for organizations in the industry. We are looking forward to continuing supporting Nami Foundation on its journey to build trust with customers and the wider ecosystem."
About Nami Foundation:
Founded in 2017 in Singapore, Nami Foundation (previously known as Nami Corp) is a pioneer organization in the field of digital assets and technology financial economics in Vietnam. We focus on developing innovative financial technology products and promoting effective economic growth.
Since its establishment, Nami Foundation has successfully been building a wide range of products, including Nami Insurance, Nami Exchange, and Nami Frame (NAO), which are among the company's flagship offerings. Each product is designed to meet the unique needs of its users, with Nami Insurance providing peace of mind for investors, Nami Exchange offering a reliable and secure platform for trading digital assets, and Nami Frame (NAO) delivering a comprehensive solution for blockchain developers. Together, these products represent Nami's commitment to innovation and excellence in the blockchain industry.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world's most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.