Solana Joins Forces With TRM Labs To Enhance Software Security

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TRM Labs, a leader in blockchain analytics, has enabled anti-financial crime monitoring for Solana’s native token ($SOL) and SPL Token assets generated on Solana through a new interface.

TRM is a blockchain intelligence firm that specialises in assisting companies in detecting financial crime risk linked with blockchain transactions, wallets, addresses, and related entities.

https://twitter.com/trmlabs/status/1441044126233944064

Through its integration with Solana, TRM Labs gives the ability for companies on the Solana network to detect cryptocurrency fraud and financial crime while also enhancing their compliance with anti-money laundering and counter-terrorism financing regulations.

Esteban Castao, co-founder and CEO of TRM Labs said that, “Solana has already achieved great momentum, and we are thrilled to contribute to its further growth by providing this critical layer of trust and security.”

A Deal That Gives Solana Greater Value

Solana is a fast decentralized blockchain and was built to enable globally scalable and user-friendly crypto apps. It is now the crypto industry’s fastest expanding ecosystem, with nearly 500 projects spanning DeFi, NFTs, and Web3. 

SOL tokens have quadrupled in value over the past month, and it is currently the sixth largest cryptocurrency by market capitalization. In the meantime, USDC circulation on Solana has exceeded £750 million.

[READ MORE]: Solana, rival of Ethereum, is already the seventh most valuable cryptocurrency on the market, surpassed Dogecoin!

TRM’s current breadth of coverage, which includes more than 20 blockchains and close to 1 million digital assets, is much larger than that of any other analytics tool on the market. Its connection with the Solana network provides all TRM users with access to Solana network data, as well as the ability to utilise TRM tools to comply with money laundering and anti-terrorism financing regulatory requirements which include the following:

  • Transaction Monitoring: Users are able to get real-time risk evaluation of crypto transactions for anti-money laundering compliance
  • Wallet Screening: Users will undergo a proactive examination of cryptocurrency addresses to ensure they comply with applicable regulations
  • Virtual Asset Service Providers (VASPs) Due Diligence: Users will be provided with comprehensive risk profiles for VASPs and other digital asset businesses.
  • Forensics: Users will be given specific tools to track the origin and destination of money, and to assess high-risk crypto addresses with real world businesses.

About Solana

Solana is the most efficient blockchain in the world. It instils trust in developers to innovate for the long term by ensuring predictable scalability without compromising security or compliance. Solana also allows simultaneous processing of hundreds of smart contracts. Visit https://solana.com/ to learn more.

About TRM Labs

TRM provides blockchains over the world with analytics to help financial institutions, cryptocurrency businesses, and government agencies identify, investigate, and manage cryptocurrency-related fraud and financial crime. TRM’s risk management platform includes solutions for transaction monitoring and wallet screening, entity risk assessment, and tracking of investigational money flows. Additional information is available at https://www.trmlabs.com/ .

[READ MORE]: Crypto As A Long-Term Investment? Consider These Five Digital Currencies

Share Your Thoughts!

Without a doubt, Solana has gone far since the start of 2021, and its progress seems to be unstoppable.
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