SAN FRANCISCO--(BUSINESS WIRE)--Transacting cryptocurrency, such as Bitcoin, makes it difficult for financial organizations to enforce Know Your Customer (KYC), Anti-Money Laundering (AML) or other anti-fraud rules according to a recent report. Furthermore, as more institutional trading organizations leverage Bitcoin and other cryptocurrencies, regulators will likely adopt regulatory mandates similar to those that currently apply to traditional banking and trading networks. To meet the growing adoption of digital currencies, Strevus Inc., today announced it is extending its existing technology to support Bitcoin and other cryptocurrencies with institutional-level compliance lifecycle management.
By providing enterprise-quality regulatory coverage, scalability and security, Strevus enables organizations that currently trade or plan to trade in Bitcoin to maintain full compliance with existing KYC, AML, and Patriot Act requirements. Strevus also allows institutions to support additional regulations such as tax compliance, which will likely be enforced by regulators in the future. Built as a flexible and extensible platform, Strevus can easily integrate to existing exchanges and institutions.
Wedbush Securities analysts Gil Luria and Aaron Turner claim that cryptocurrency provides a powerful alternative to branded networks due to its decentralized processing, new functionality and use of market-based fees. According to the authors in a report titled Bitcoin: Intrinsic Value as Conduit for Disruptive Payment Network Technology, “Among other facets, we believe Bitcoin and its associated technology represent a potentially game-changing disruption to our covered payments companies.”
“With experts predicting that cryptocurrency will complement fiat currencies rather than replace them, we believe that they will become a viable and efficient value-transfer option,” said Ken Hoang, CEO and Co-Founder of Strevus. “As a managed solution, Strevus provides exchanges and institutions with a persistent, secure and auditable compliance service to manage and track these assets. Using our technology, these organizations can achieve institutional-grade regulatory compliance for their trade network and be confident that they can meet both current and future regulations.”
Founded in 2012, Strevus, Inc. provides a patent-pending, regulatory compliance lifecycle management solution that enables financial institutions to gather, track and report information between counterparties, clients and regulatory agencies. Strevus helps institutions gather critical information to adhere to global financial regulations and remain compliant while growing their business by enhancing both client and business relationships. For further information, visit http://www.strevus.com/ or call 1-415-704-8182.