Bonanza Factory to Supply Shinhan Bank With Real-Time Crypto Wallet Risk Analysis Tool

Bonanza Factory will supply Shinhan Bank with a real-time blockchain wallet risk analysis solution, as banks ramp up efforts to track on-chain fund flows and strengthen internal controls amid growth in the cryptocurrency and stablecoin markets.

Bonanza Factory said on May 7 that it signed a software agreement with Shinhan Bank covering internal controls for cryptocurrencies and stablecoins, and will provide its Know Your Transaction, or KYT, solution, TranSight.

TranSight analyzes blockchain wallet risk in real time. The company said it has built proprietary databases covering high-risk addresses, identified virtual asset service provider, or VASP, addresses, VASPs not registered with the Financial Intelligence Unit, and addresses linked to domestic crimes. The system also incorporates Korea-specific crime-tracking data secured through state-backed research partnerships with investigative agencies including the National Police Agency.

The product was designed to integrate with banks' existing anti-money laundering, or AML, and fraud detection system, or FDS, platforms. Bonanza Factory said that would let banks move beyond relying on exchange monitoring systems and directly trace and analyze on-chain transaction flows.