IdentityMind Global and CipherTrace partner to provide virtual currency risk assessment

Integrated solution brings unprecedented transparency, integrity, and compliance to FinTechs and financial institutions dealing with virtual currencies and digital asset businesses

PALO ALTO, CA (September 27, 2018)IdentityMind Global™, Digital Identities You Can Trust, today announced that IdentityMind’s pioneering compliance, risk management, and fraud prevention platform has integrated CipherTrace’s digital currency risk assessment technology. This integrated solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company that accepts cryptocurrency to understand the risk they present.

Both IdentityMind (Booth 111) and CipherTrace (Booth 701) will be exhibiting at ACAMS AML and Financial Crime Conference, October 3 – 5 in Las Vegas.

The combined IdentityMind and CipherTrace solution provides a complete anti-money laundering (AML) analysis tool for cryptocurrency — assessing the risk of the wallet and addresses involved in a transaction, providing a risk score, ensuring both sides of a transaction are not connected, and creating alerts when predefined dollar limits are reached. Moreover, if there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR).

The new combined virtual currency risk assessment enables IdentityMind clients to know the source of funds for virtual currencies and provides the information required to properly evaluate the risk of both where the funds are coming from and where they’re going to. This data includes the positives, such as if the funds are coming from known good exchanges, and the negatives, including funds associated with ransomware, dark markets, gambling, and known criminal addresses.

“We’re excited to partner with IdentityMind Global,” said David Jevans, CEO, CipherTrace. “IdentityMind and CipherTrace offer the ideal fusion of know your customer (KYC) and virtual currency anti-money laundering (AML) in one complete, integrated solution for virtual currency exchanges and financial companies. Virtual currencies are an important, emerging area within the world’s fast-growing digital economy. Working together, we make sure that virtual currencies are legitimate, safe, investable and globally transactable, while meeting compliance requirements of regulatory bodies worldwide.”

“The rapid rise of virtual currencies in today’s global digital economy is irrefutable,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind Global. “But for that growth to continue and scale significantly, it’s critical to identify the individual behind the digital transaction. That’s what we do. We help companies identity the good guys they want to do business with while avoiding the bad actors. Working together with CipherTrace, we bring transparency, integrity and compliance to the world of virtual currencies.”

IdentityMind is a go-to partner for virtual currency exchanges, payment service providers, payment processors, money transmitters, retailers, businesses performing initial coin offerings (ICOs) or security token offerings (STOs), e-banks, banks, broker/dealers and credit unions around the world. Today, IdentityMind is working with over 50 virtual currency exchanges and over 10% (almost 200) of all companies worldwide conducting a compliant initial coin offering (ICO) or security token offering (STO).


About IdentityMind Global

IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on WebTwitterLinkedInFacebookBlog, and Google+.

About CipherTrace

CipherTrace develops cryptocurrency Anti-Money Laundering, bitcoin forensics, and blockchain threat intelligence solutions. Leading exchanges, banks, investigators, regulators and digital asset businesses use CipherTrace to trace transaction flows and comply with regulatory anti-money laundering requirements fostering trust in the crypto economy. Its quarterly CipherTrace Cryptocurrency Anti-Money Laundering Report has become an authoritative industry data source. CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. U.S. Department of Homeland Security Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors. For more information visit or follow us on Twitter @ciphertrace.


Dan Rampe
Director of Corporate Communications
IdentityMind Global
Tel: 415-205-9378

More News