Solana Integrates with TRM Labs to Offer Enhanced Security and Compliance for Network Members
September 23, 2021
SAN FRANCISCO – September 23, 2021 – A new integration with Solana, the fastest growing decentralized blockchain, by TRM Labs, a leading blockchain analytics provider, has enabled anti-financial crime monitoring through TRM’s risk intelligence platform for Solana’s native token (SOL) and SPL tokens issued on Solana.
Solana is an ultra-fast decentralized blockchain that was built to enable scalable, user-friendly apps for the world. With over 400 projects spanning DeFi, NFTs, Web3 and more, it is currently the fastest growing ecosystem in crypto. The number of SOL tokens in circulation has more than quadrupled in the past month, and it is currently the seventh largest cryptocurrency by market cap. Additionally, the circulation of USDC on Solana has crossed over $1 billion.
TRM is a blockchain intelligence firm that helps organizations identify financial crime risk in blockchain-based transactions, wallets, addresses and related entities.
"By integrating with Solana, we offer organizations building on the Solana network the ability to detect cryptocurrency fraud and financial crime and strengthen their compliance with AML/CFT regulations,” says Esteban Castaño, co-founder and CEO of TRM Labs. “Solana has incredible momentum already and we’re proud to advance it further by enabling this critical trust and safety layer.”
TRM’s architecture was uniquely designed to enable swift integration with new blockchains and new asset mapping. The addition of Solana and Solana-based assets brings TRM Labs' current scope of coverage to 23 blockchains and over 900,000 digital assets -- more than any other analytics tool on the market by several multipliers.
The TRM Solana network integration provides all TRM users with access to Solana network data and the ability to leverage TRM tools to comply with AML/CFT regulatory requirements, including:
- Transaction Monitoring: Real-time risk scoring of cryptocurrency transactions for AML compliance, sometimes known as Know-Your-Transaction or KYT
- Wallet Screening: Proactive screening of cryptocurrency addresses for sanctions and AML compliance
- VASP Due Diligence: Comprehensive risk profiles of “Virtual Asset Service Providers” (VASPs) and other digital asset businesses
- Forensics: Investigative tools to trace the source and destination of funds and link high-risk addresses to real-world entities
Solana is the most performant blockchain in the world. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana’s performance is driven by intra-shard parallelism, which is capable of processing thousands of smart contracts at once, and by Proof of History, an innovation in distributed timekeeping that unlocks low-latency, sub-second finality across the global state. To learn more, please visit https://solana.com/.
About TRM Labs
TRM provides blockchain intelligence to help financial institutions, cryptocurrency businesses and public agencies detect, investigate and manage crypto-related fraud and financial crime. TRM's risk management platform includes solutions for transaction monitoring and wallet screening, entity risk scoring including Know-Your-VASP and flow of funds tracing for investigations. These tools enable a rapidly growing cohort of organizations around the world to safely embrace cryptocurrency-related transactions, products, and partnerships. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.
SutherlandGold for TRM Labs
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