ConsenSys co-founder Joseph Lubin. Photo credit: Seb Daly / RISE via Sportsfile, under Creative Commons license

ConsenSys, the famed New York-based blockchain software company, has ventured into the crypto regulatory and compliance market, having recently announced the launch of a new regulatory and compliance platform dubbed Codefi Compliance. ConsenSys is targeting a key market here, as crypto companies are usually fraught with the challenge of sniffing out if their services are used to facilitate illegal and shady transactions. For this problem, crypto firms usually turn to third-party compliance and analytics companies such as Chainalysis and Scorechain. It seems they can now turn to yet another named Codefi Compliance, which will primarily focus on the Ethereum cryptocurrency network.

Codefi Compliance will provide customers with tools for risk assessment, risk management, and risk investigation. As is the case with traditional compliance platforms, crypto companies will be able to monitor and manage global operations on the go by adjusting compliance settings between jurisdictions, use cases, and related criteria using ConsenSys’ new product. ConsenSys has already signed up a pioneer customer for its new compliance product by the name of Sight, an Ethereum-based prediction market platform. Presumably, more customers are around the corner.

More than 280,000 digital coins have been issued so far on the Ethereum network. That figure reasonably attests to the fact that ConsenSys is targeting a large market with its new compliance service.