Sumsub Partners with 21 Analytics to Add Self-Hosted Wallet Verification to Its Crypto Travel Rule Solution

Cryptocurrencies
19.06.2024 12:20 pm

Sumsub, a global full-cycle verification platform, is pleased to announce a new partnership with 21 Analytics, a Swiss-based Travel Rule compliance software provider.

According to FATF recommendations for Travel Rule compliance, VASPs in certain jurisdictions such as the UK, Germany, Switzerland, Singapore and Hong Kong must ask their customers to prove the ownership of unhosted wallets. This partnership with 21 Analytics enables Sumsub to offer its global crypto clients a streamlined way to collect such proofs.

Self-Hosted Wallet Verification is now incorporated into Sumsub's Travel Rule solution. This feature allows VASPs to ask their users to verify that their unhosted/self-hosted wallets belong to them and record the result for compliance purposes. Moreover, it can be seamlessly integrated with other Sumsub features like VASP Attribution or Risk Scoring.

Thanks to this partnership, VASPs serving customers across various jurisdictions will have full crypto compliance coverage, and no need to navigate complex compliance requirements on their own.

"Sumsub has built its Travel Rule solution on the premise that VASPs should not be constrained by technology used by their provider," comments Ilya Brovin, Chief Growth Officer at Sumsub. "We have therefore partnered with key players to integrate best-in-class solutions, such as AOPP from 21 Analytics for unhosted wallet verification, alongside VASP discovery using leading blockchain analytics platforms."

"It is a pleasure to support Sumsub's VASP customers with 21 Analytics' leading solution for Travel Rule compliance when transacting with self-hosted wallets," said Lucas Betschart, CEO at 21 Analytics. "This partnership enables more crypto users to prove wallet ownership in a frictionless way, allowing VASPs to be compliant without compromising on user experience, a key step for crypto mass adoption."