BIG Blockchain Intelligence Group Signs Risk-Scoring Client Agreement with Major Cryptocurrency Exchange Creator, QUOINESeptember 4, 2018
BIG Blockchain Intelligence Group Inc. (“BIG”), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has signed a client agreement with QUOINE, creators of one of the world’s largest cryptocurrency exchanges, for the use of BIG’s transaction risk-scoring service: BitRank VerifiedTM. This is BIG’s second client agreement with a major exchange.
- QUOINE operates one of the largest Crypto-Fiat exchanges in the world with over $12B USD in annual transactions, and is fully regulated in Japan
- BIG will be paid for API queries on processed transactions that utilize BIG’s risk-scoring service
- BitRank VerifiedTM will help support AML (Anti-Money Laundering) efforts while mitigating risks by delivering transparency regarding the legitimacy of transactions
VANCOUVER, BC – September 4, 2018 – BIG Blockchain Intelligence Group Inc. (“BIG” or “the Company”) (CSE: BIGG)(WKN: A2JSKG)(OTC: BBKCF), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, is pleased to announce the Company has signed a client agreement (the “Agreement”) with Japan-headquartered QUOINE for the use of BIG’s transaction risk-scoring BitRank VerifiedTM service. This is BIG’s second client agreement with a major cryptocurrency exchange, with Canada’s Einstein Exchange being the first in June 2018.
QUOINE also has the option, on an as-needed basis, to use BIG’s blockchain forensic investigation platform, QLUETM, and the custom investigation services of BIG’s Forensic Services Division.
QUOINE has successfully launched one of the world’s largest cryptocurrency exchanges: QUOINEX and QRYPTOS. As one of the first fully compliant digital asset exchanges in the world, based on legal measures issued by Financial Services Agency (FSA) of Japan, the QUOINEX exchange is held to the highest levels of compliance standards globally, and processes over $12 billion USD in annual transactions. Built with security at its core, the exchange deploys a bank-grade security system to ensure its clients’ data and assets are safe. QUOINE’s client agreement with BIG will further enhance the exchange’s robust security measures and ability to perform forensic investigations into cryptocurrency transactions and illicit activities.
BIG’s cryptocurrency risk-scoring service will enable QUOINE and the QUOINEX 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 paid a fee on Bitcoin transactions processed through Quoine’s exchange platform that utilize BIG’s proprietary BitRank VerifiedTM service via API.
Any optional use of BIG’s blockchain forensic investigation platform, QLUETM, would involve a monthly licensing fee, and any optional use of BIG’s Forensic Services Division would involve an hourly or package fee.
“We’re excited to add QUOINE to our list of clients,” said BIG CEO, Lance Morginn. “This is the second major exchange joining our list of clients, with Einstein Exchange being the first in Q2 2018. This partnership with QUOINE 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. With QUOINE’s focus on cryptocurrencies and making financial services accessible to all, it’s imperative their customers feel secure and confident in the transparency and validity of the transactions involved. We’re definitely looking forward to working with a team that’s as serious about security as we are at BIG.”
QUOINE’s Co-Founder and CEO, Mike Kayamori, commented: “BIG was the natural choice for us. We already provided exceptional security measures, from extensive KYC (Know Your Customer) procedures to ensuring we only deal with legitimate individuals and organizations, and reviewing transactions on an on-going basis to prevent money laundering activities. Now we will offer even greater security with the help of BIG’s risk-scoring service.”
QUOINE will leverage BIG’s BitRank VerifiedTM technology 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, QUOINE will have the option to 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, QUOINE will have the option to use BIG’s in-house Forensic Services Division to provide 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 VerifiedTM offers 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
email: [email protected]
BIG Investor Relations
email: [email protected]
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.
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