Ethereum Classic Labs, the entity behind the Ethereum Classic (ETC) asset, and blockchain analysis outfit Chainalysis have joined forces.
Aside from its work on ETC-related technology, ETC Labs also operates an accelerator wing for backing and helping startups in the crypto industry. Thanks to an alliance with Chainalysis, these startups can get a discount on the company's Know Your Transaction, or KYT, technology, and its training certification platform, a Sept. 9 statement from ETC Labs detailed. Additionally, entities under ETC Labs can receive regulatory guidance from the Chainalysis team.
Regulatory requirements have become a growing concern in the crypto and blockchain space as multiple nations have increased their overwatch in recent years. The KYT technology from Chainlysis essentially aids companies in keeping tabs on their related blockchain activities, in part for regulatory compliance, while also automating processes, the statement explained.
“This partnership reflects a necessary resource and is a natural progression for our companies building on ETC; leveling the playing field for early-stage startups to successfully and responsibly build their companies while staying informed,” ETC Labs founder, James Wo, noted in the statement. Chainalysis' CRO Jason Bonds also mentioned the importance and complexity of crypto compliance.
ETC has faced its fair share of difficulties in recent weeks, perhaps proving some of the value held in blockchain tracking and data. The network has suffered three 51% attacks since the end of July.
Cointelegraph reached out to ETC Labs for additional details, but received no response as of press time. This article will be updated accordingly should a response come in.