Chainalysis integrates Coinbase Commerce to foster growth of DeFi

Rick Steves

The integration of crypto payments is particularly advantageous for customers who primarily operate within decentralized networks and rely on cryptocurrencies for their financial activities.

Chainalysis has integrated Coinbase Commerce to allow customers to conveniently settle their invoices using a wide range of digital assets as part of the firm’s efforts to support the evolving needs of customers, particularly in the rapidly growing DeFi sector.

This new payment option allows Chainalysis to streamline the payment process for many of its customers, eliminating traditional barriers and reducing the friction associated with fiat transactions.

The firm is welcoming clients interested in paying using Coinbase Commerce to reach out to their Chainalysis account representative.

Fostering the continued growth and innovation of the DeFi industry

The integration of crypto payments is particularly advantageous for customers who primarily operate within decentralized networks and rely on cryptocurrencies for their financial activities.

These customers can now conveniently settle their invoices without the need for fiat conversions or traditional banking services.

Rakib Azad, SVP Finance, Chainalysis, said: “We recognize the unique needs of DeFi participants and are excited to support their operations by accepting a wide variety of digital assets. This development demonstrates our dedication to fostering the continued growth and innovation of the DeFi industry.”

Will Robinson, Coinbase VP of Engineering, commented: “Through this integration with Coinbase Commerce, Chainalysis customers can use cryptocurrency to pay for a wide range of crypto-related services, streamlining their operations. Cryptocurrency has the potential to create more economic freedom for every individual and business in the world. This collaboration is another step towards that vision.”

Chainalysis powers Nami Foundation’s AML/CFT capabilities

Chainalysis has recently signed Nami Foundation as a client, providing them with 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.

The Vietnam-based digital asset specialist’s newly enhanced AML and CFT capabilities are now powered by Chainalysis, a renowned provider of data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries.

Nami Foundation is leveraging Chainalysis’ data platform to monitor transaction data on its systems, receive risk alerts from Chainalysis and then deploy asset protection solutions where required.

Could Coinbase move to Hong Kong?

Meanwhile, the US regulatory turmoil initiated by the SEC a few years ago and doubled down earlier this month with the lawsuits against Binance and Coinbase, continues its chain reaction.

Yesterday, Hong Kong legislator Johnny Ng took to Twitter to invite Coinbase and other crypto exchanges to establish a presence in the region. Besides expressing his willingness to assist Coinbase in the registration and development process, he hinted at potential opportunities for stock listings.

“I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to [Hong Kong] for application of official trading platforms and further development plans,” Ng tweeted.

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