LINE delivers safe and secure blockchain services
It is no exaggeration to say that our collaboration with Chainalysis is essential for us to manage the increasing risk resulting from the illicit exploitation of the digital world.”
About Line Corp.
LINE Corp. is a global company serving 200 million users worldwide on the LINE app, supported by over 10,000 employees with offices across the globe, including in Japan. LINE Xenesis Corporation, is the subsidiary developing LINE’s cryptocurrency and blockchain-related businesses. LINE Xenesis Corporation aims to expand the token economy, pursue social responsibility as an ESG-conscious enterprise, and deliver the value of the blockchain, tailored to the specific needs of each customer. To provide a seamless user experience for customers to store, exchange and use the value on the blockchain, LINE Xenesis linked its blockchain service with the LINE apps, while providing stable, secure, and easy-to-use features that are tailored to all users, even those who are unfamiliar with blockchain technology. As a result, the company launched services including “LINEBITMAX”, the LINE BlockchainbasedNFT wallet “DOSIWallet”, and a unified NFT marketplace, “LINENFT”.
Challenge
In the domain of anti-money laundering (AML), several countermeasures are taken by the industry to reduce financial crime risks that involve customer and product transaction risks, as well as macroeconomic changes. In particular, real-time transaction monitoring has become one of the critical measures to cope with financial crime threats and vulnerabilities. For this reason, LINE Xenesis began selecting solutions for transaction monitoring capabilities.
Solution
- The company evaluated different products from various aspects, but it was the Chainalysis Compliance and Investigation suite of offerings that emerged as the most advanced and holistic solution.
- LINE Xenesis has deployed Chainalysis solutions for real-time transaction monitoring to reduce potential exposure to illicit and fraudulent activity and run a comprehensive risk and compliance program that delivers a safe and secure user experience.
- With Chainalysis solutions in place, LINE has been able to construct a framework that enables them to respond quickly and flexibly to protect user assets and prevent illicit fund transfers.
