On July 25, 2023, Deloitte and Chainalysis teamed up to revolutionize the adoption of blockchain technology. The aim of this alliance is to enhance Deloitte’s client capabilities in blockchain tracking, crypto forensic investigation, and compliance. This collaboration promises groundbreaking solutions and advancements in the world of cryptocurrency.
As the regulatory framework surrounding digital assets becomes clearer, law enforcement agencies strengthen their blockchain tracing capabilities, and financial institutions develop strategies in this space, there is an increasing demand for technology-driven risk management solutions and services. The Deloitte and Chainalysis alliance seeks to fulfill this market demand, providing cutting-edge analytics and training programs.
Through this partnership, clients of both Deloitte and Chainalysis will gain access to Chainalysis’ proprietary blockchain dataset, renowned analytics software, and comprehensive training resources. By integrating these tools with Deloitte’s industry-leading services, mutual clients will be well-equipped to navigate the complexities of the digital asset world and stay ahead of compliance requirements.
One of the primary focuses of this alliance will be to enhance collaboration between Deloitte’s blockchain and digital assets practice and Chainalysis, specifically in areas such as cryptocurrency and digital asset risk management, analytics, investigations, anti-money laundering (AML), know your customer (KYC), and regulatory compliance. Deloitte will also expand its pool of practitioners trained and certified in Chainalysis products, strengthening their capabilities in blockchain analytics and investigations.
Thomas Stanley, President, and Chief Revenue Officer of Chainalysis, expressed enthusiasm about the alliance, stating that it would bring transformative solutions to law enforcement agencies, regulators, and players in the financial ecosystem. The partnership aims to mitigate risks and increase revenue while facilitating mission success on an enterprise scale.
Tim Davis, Deloitte’s Advisory Blockchain, and Digital Asset practice lead, reaffirmed the firm’s commitment to offering cutting-edge advice and approaches to risk management, analytics use, and regulatory compliance. The alliance with Chainalysis reflects Deloitte’s dedication to building a robust digital asset innovation ecosystem that benefits their clients.
The alliance is expected to set new industry standards for digital asset compliance, fostering a more secure and transparent financial ecosystem. By leveraging their combined expertise, Deloitte and Chainalysis are well-positioned to make a lasting impact on the digital asset landscape, safeguarding the interests of their clients and the wider community.
Along with this alliance, Deloitte in 2023 showed a strong commitment to the cryptocurrency industry by posting 300 vacancies for crypto and blockchain experts. They also partnered with NYDIG to meet the rising global demand for Bitcoin exposure among financial institutions, aiming to accelerate adoption and ensure regulatory compliance. Deloitte’s survey revealed that 75% of US retailers plan to accept crypto payments within the next two years, signaling a significant shift towards mainstream adoption of cryptocurrencies.