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    Anchain.AI Installs Web3 Analytics on Elrond to Prevent Fraud

    Elrond blockchain network has integrated with Anchain.AI to create changes in Elrond’s traditional and blockchain-based payments infrastructure. Basically, Elrond develops internet-scale blockchain infrastructure for Web3 payments, DeFi, and the metaverse. Anchain.AI is the AI-powered next-generation blockchain analytics platform.

    In detail, the integration has made Elrond expand its portfolio to include an e-money license, a Virtual Asset Service Provider (VASP) license, and the ability to issue debit cards, all valid throughout the entire European Economic Area.

    Regarding the new integration, Elrond Network CEO Beniamin Mincu remarked:

    “We are making decisive steps for the integration of blockchain technology into the global financial system. International financial institutions and national economies can operate and collaborate using our scalable architecture. It is therefore essential that they have access to the highest levels of compliance and fraud prevention. Anchain.AI is a great enabler in this regard.”

    Significantly, Anchain’s blockchain analytics has made the AI-driven platform an indispensable tool for the forensics and compliance capabilities of major financial institutions. This includes the US Securities and Exchange Commission (SEC), digital asset exchanges, governments, and other VASPs and financial institutions. Elrond adopters can now grip on this essential technology to maintain secure and compliant operations.

    Victor Fang, the CEO of AnChain.AI, said the company is at a turning point where enterprises and governments are rapidly realizing that blockchain has become indispensable for efficiency increase and sustainable growth.

    He further added:

    “The Anchain.AI Next-Gen Web3 Analytics Suite will complement Elrond’s promising technology and give it an important edge that will enable it to meet the influx of new institutional demand.”

    Additionally, Anchain.AI’s analytics suite will provide applications using Elrond Network blockchain technology. This consists of the ability to quickly make sense of large data sets pertaining to on-chain transactions, powered by Machine learning and Artificial Intelligence. To note, this feature will strengthen the capability of organizations to avoid interaction with flagged addresses or illicit activities, prevent fraud attempts, and help track and recover misappropriated digital assets.

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