Despite rapid growth in recent years, the crypto industry has historically faced a lack of trust from consumers and established financial entities. Blockchain data analysis firm Chainalysis, is looking to change this.
In an interview at FTT DeFi, Diederik Van Wersch, Head of Mid-Market Sales EMEA at Chainalysis, told Future Identity Portfolio Lead, Laura Camplisson, “One of the main things we do is educate the financial space about the fact that crypto is actually for the most part completely legitimate. One of our most famous statistics is that only 0.15% of all transactions on the blockchain are illegitimate.”
Of course, Diederik explains, it is still important to be aware of security risks and how to mitigate them. Money laundering and hacks in the DeFi space have been on the rise and there was an 81% increase last year in rug pull scams, extracting funds from unsuspecting investors.
By identifying which addresses and transactions belong to which entities, Chainalysis can enable law enforcement and financial institutions to identify dark net marketplaces, terrorist financies, sanctioned entities and other malicious services.
Find out how Diederik thinks the DeFi industry can mitigate security risks and overcome misconceptions surrounding blockchain, and how he thinks the industry will evolve in the coming years. Watch the full interview now.
The conversation continues at the Future Identity Festival 2022, co-located with the Fintech Talents Festival, on the 14th – 15th November, at The Brewery, London.
Join 2000 festival-goers as we explore the trends and technologies shaping the future of identity verification, risk and fraud. World-class learning and engagement, meets live entertainment and our famous craft beer bar, all while connecting with the identity players you are looking to meet. Book your place now!
New to the Fintech Talents Festival for 2022, the FTT Defi stage will bring together established players and a fast growing ecosystem of new entrants.