BIG Blockchain Intelligence Group Signs Full-Suite Client Agreement With Leading Crypto Exchange, Einstein Exchange
- BitRank VerifiedTM transaction risk-scoring service, QLUETM cryptocurrency investigation platform, and custom Forensic Services Division
- BIG will be paid fees for: API queries; a monthly seat license; BIG’s Forensic Services Division to assist in more severe investigations where case files will be provided to Law Enforcement
- Results to include increased confidence in meeting regulatory compliance & support for AML (Anti-Money Laundering) efforts
BIG Blockchain Intelligence Group Inc. (CSE: BIGG) (WKN: A2JSKG) (OTC Pink: BBKCF)("BIG" or "the Company"), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, is pleased to announce the Company has signed a client agreement (the "Agreement") with Einstein Exchange ("Einstein") for the use of BIG's full suite of cryptocurrency security tools and services, including our transaction risk-scoring BitRank VerifiedTM service, our QLUETM cryptocurrency investigation platform, and our custom Forensic Services Division.
BIG's comprehensive suite of tools and services will enable Einstein Exchange to:
- reduce the exchange’s risk exposure related to cryptocurrencies;
- increase confidence in meeting regulatory compliance;
- increase security through Anti-Money Laundering (AML) efforts;
- deliver transparency regarding the legitimacy of transactions;
- create a deterrence against criminal elements that could engage in illicit activity; and,
- provide assurance to their customers that measures are in place to strongly curtail illicit transactions or reduce the amount of illicit funds that would have otherwise transacted.
Under the Agreement, BIG will be:
(a) paid a fee on Bitcoin transactions processed through Einstein's exchange platform that utilize BIG's proprietary BitRank VerifiedTM service;
(b) paid a monthly licensing fee for access to BIG's QLUETM platform;
(c) paid on an as-needed basis for the Forensic Services Division team of investigative experts to perform and deliver custom forensic investigations in cases of irregularities or security issues that require in-depth expertise and experience, either in conjunction with or supplemental to BIG's BitRank VerifiedTM and QLUETM tools.
Einstein is the leading cryptocurrency exchange and one of the world's largest and fastest growing exchanges by trading volume. The exchange is fully transparent, collaborates with global financial institutions and regulatory agencies, and engages in rigorous anti-money laundering (AML) and customer verification (KYC) policies as part of its focus on security and safety of wallets. Einstein also represents a team of forward-looking and innovative FinTech experts with out-of-the-box thinking that includes an initiative to tackle the fentanyl epidemic by forming partnerships with other exchanges to create a global database of "bad wallet holders" linked to fentanyl arrests and indictments, which they will use to stop their customers from sending cryptocurrency to these "bad wallets" from their exchange accounts.
"We're very excited to count Einstein Exchange among our clients and contribute to providing people with a simple, secure and transparent method to invest in cryptocurrency," said BIG CEO, Lance Morginn. "This is the first case of an exchange utilizing all of BIG's products and services. This partnership represents a new industry standard of safety for other organizations to follow in the financial space, where they can deal with cryptocurrencies in confidence, transparency and security as they meet compliance regulations and engage in AML. We're looking forward to working closely with the dedicated team at Einstein Exchange to bring cryptocurrency mainstream."
Einstein Exchange's CEO, Michael Gokturk, commented: "With the BitRank VerifiedTM product embedded into our existing platform, and BIG's QLUETM engine and their Forensic Services Division at our disposal, we can offer our customers the highest security and peace of mind to date when they look to invest in cryptocurrency. To say that we're rigorous in our AML and security protocols would be an understatement, especially with BIG's suite of solutions in our corner."
Einstein will embed BIG's BitRank VerifiedTM technology into the Einstein exchange platform to validate inbound and outbound funds and transactions by identifying whether they are associated with entities or exchanges connected with criminal elements.
When BitRank VerifiedTM flags questionable or illegitimate transactions, Einstein will use QLUETM (Qualitative Law Enforcement Unified Edge) to perform due diligence and blockchain security investigations at greater forensic depth by exploring where the related funds are coming from and the security profiles of the entities involved.
When security issues are more significant or complex, BIG's in-house Forensic Services Division will provide Einstein with the greatest level of insight and identification of the entities involved in the given transactions.
On behalf of the Board,
Chief Executive Officer
About BIG Blockchain Intelligence Group Inc.
BIG Blockchain Intelligence Group Inc. (BIG) brings security and accountability to the new era of cryptocurrency. BIG has developed from the ground up a Blockchain-agnostic search and analytics engine, QLUETM, enabling Law Enforcement, RegTech, Regulators and Government Agencies to visually trace, track and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank VerifiedTM, offers a "risk score" for Bitcoin wallets, enabling RegTech, banks, ATMs, exchanges and retailers to meet traditional regulatory/compliance requirements. Our Forensic Services Division brings our team of investigative experts into action for investigations that require in-depth expertise and experience, either in conjunction with or supplemental to our user-friendly search, risk-scoring and data analytics tools.
About BitRank VerifiedTM
BIG developed BitRank VerifiedTM to be the industry gold standard in ranking and verifying cryptocurrency transactions. BitRank VerifiedTMoffers the financial world a simplified front-end results page, enabling consumer-facing bank tellers, bitcoin ATM operators, cryptocurrency exchanges, eCommerce sites and retailers to know whether a proposed transaction is safe to accept, questionable, or should be denied. BitRank VerifiedTM and its API are custom tailored to provide the RegTech sector, ICOs, banks and investment funds with a reliable tool for meeting their regulatory requirements while mitigating exposure to risk of money laundering or other criminal activities.
QLUE™ (Qualitative Law Enforcement Unified Edge) enables Law Enforcement, RegTech, Regulators and Government Agencies to literally "follow the virtual money". QLUE™ incorporates advanced techniques and unique search algorithms to detect suspicious activity within bitcoin and cryptocurrency transactions, enabling investigators to quickly and visually trace, track and monitor transactions in their fight against terrorist financing, human trafficking, drug trafficking, weapons trafficking, child pornography, corruption, bribery, money laundering, and other cyber crimes.
Investor Relations - USA
KCSA Strategic Communications
Valter Pinto, Managing Director
Scott Eckstein, VP of Market Intelligence
Investor Relations - Canada
Skanderbeg Capital Advisors
BIG Investor Relations
Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIG's expectations include, consumer sentiment towards BIG's products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
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