According to its September 9th announcement, ETC Labs has partnered with Chainalysis to hand out massive discounts on Know Your Transaction (KYT), training certification, and technology development fees on its startups. On top of that, these companies housed within ETC Labs can now freely receive fruitful pieces of advice from Chainalysis regarding regulatory standards and implementation.
James Wo, the founder of ETC Labs, stated that this partnership symbolizes hope and progression for the companies under the ETC banner. He adds that this development will flatten the field for the newly established companies to thrive as they would be kept informed regarding the right steps to make within the industry. The CRO of Chainalysis, Jason Bonds, reinforced this latest partnership’s importance by highlighting the complexity and significance of cryptocurrency compliance, especially to startups.
Regulatory standards have been a bit problematic for the crypto industry as of late. This is because several countries are now growing warier about the concept. With the help of Chainalysis’ KYT technology, ETC Labs expects that these same countries would now trust its companies more as they would now have the excellent guidance and aid that they desperately need.