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BIG Blockchain Intelligence Group (OTC:BBKCF) signs licensing agreement with Japanese firm

Tony Zerucha

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Big Blockchain Intelligence Group (CSE:BIGG)(OTC:BBKCF), a developer and provider of cryptocurrency risk-scoring and data analytics tools, training and investigation services, has signed a multi-service client agreement with SBI BITS for the use of BIG’s BitRank Verified transaction risk-scoring service and QLUETM cryptocurrency forensic investigation platform service supporting Bitcoin and Ethereum.

With BIG’s suite of compliance solutions, SBI is able to execute regulatory compliance for its VCTRADE cryptocurrency trading platform. SBI has integrated BIG’s BitRank Verified transaction risk-scoring service into its VCTRADE platform, providing additional AML checks to its rapidly growing client base and will also use BIG’s QLUETM cryptocurrency investigation platform service in its forensic investigations into Bitcoin and Ethereum transactions. Estimated revenue from the deal is pegged at $30,000.

At SBI’s request, BIG is reviewing expansion of its services to support XRP, as BIG sees the growing strategic importance of XRP in the cryptocurrency environment. In addition, BIG is looking to incorporate support for both Litecoin (LTC) and Bitcoin Cash (BCH).

BIG’s services will enable SBI to:

● Reduce risk related to cryptocurrency transactions;

● Increase confidence in meeting regulatory compliance;

● Mitigate risk by using BIG’s AML detection algorithms;

● Deliver transparency regarding the legitimacy of transactions;

● Create a deterrence against criminal elements that could engage in illicit activity;

● Provide assurance to their customers that controls are in place to monitor and mitigate for illicit activity; and,

● Investigate suspicious activity.

“BIG’s services will help SBI: deal with cryptocurrencies and cryptocurrency transactions with greater transparency and security; in meeting increasingly demanding compliance regulations; engage in Anti-Money Laundering (AML) detection efforts; and perform forensic investigations,” BIG CEO Lance Morginn said. “We’re looking forward to working closely with the world-class team at SBI to bring greater security and accountability to their cryptocurrency-related ventures.”

SBI Holding’s President and CEO, Yoshitaka Kitao, commented: “Today, we’re on the threshold of a new phase of growth driven by the emergence of next-generation technologies such as blockchain, distributed ledger technology (DLT), AI and big data,” SBI Holdings president and CEO Yoshitaka Kitao said. “In the case of our VCTRADE cryptocurrency trading service, given the compelling size of our existing customer base, we believe that we will quickly emerge as the industry leader, which is why it is important to have BIG’s services in place. We look forward to all the ways we can benefit from BIG’s services as we move forward.”

The material is not to be construed as an offer or a recommendation to buy or sell a security. See full Terms of Service.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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