XREX inks partnership deal with TRM labs to tighten platform security

XREX inks partnership deal with TRM labs to tighten platform security

Taipei-based fintech company, XREC Inc., has reportedly entered into a partnership with blockchain intelligence provider, TRM Labs, for the implementation of an entire suite of risk management tools provided by TRM on its platform. Through this deal, XREX intends to enhance its platform’s capability to detect and defend against scammers, fraud, and suspicious activities.

According to Dr. Wayne Huang, the CEO of XREX, the integration of TRM tools with XREX’s fraud detection mechanism allows it to trace the complete source-to-destination flow of any crypto transactions on the platform, ensuring the data privacy of its users. Huang further added that such extensive and in-depth visibility would help XREX in the quick identification of questionable behaviors and take required actions.

The partnership reflects XREX’s long-standing commitment towards creating a compliant, safe, clean, and trust-based collective financial system that enables users to participate and contribute towards the global economy.

As per Esteban Castano, the CEO of TRM Labs, the cooperation with XREX highlights an increasingly proactive effort by several participants in the crypto ecosystem for the implementation of best-in-class policies and technologies that promote safety and trust for users and partnership with the regulatory community.

Castano also highlighted TRM Labs’ goal of building a safer financial system for all. He stated that the company achieves this objective by working with businesses that share its vision, like XREX, and facilitating them in the proactive management of risk and the development of best-in-class compliance programs.

For the record, XREX is among the first blockchain companies in Asia to implement the risk intelligence platform offered by TRM Labs. The platform comprises a range of modules including Transaction Monitoring, Wallet Screening, Know-Your-VASP, and Forensics.

The tools will enable XREX to take on real-time cross-chain analysis on all the crypto transactions on the platform. This will accord the fintech firm extra firepower to root out illicit factors, preempt fraud, and combat financial crimes.

Source credit: https://www.globenewswire.com/news-release/2021/10/14/2313882/0/en/XREX-Partners-with-TRM-Labs-to-Bolster-Platform-Security.html