Binance and Oasis Labs to create platform for sharing data on suspicious transactions

Oasis Labs’ cloud computing platform and cryptocurrency exchange Binance announced the creation of CryptoSafe Alliance. The new organization aims to fight fraud in the crypto space.

Through the CryptoSafe Platform –– a decentralized system powered by the Oasis Network (@OasisProtocol) and the Oasis Labs privacy SDK, Parcel, Alliance members will be able to share and access intelligence and reports on hacks, scams privately and without sharing sensitive data.

— Oasis Labs (@OasisLabs) August 27, 2020

Oasis Labs will be the main infrastructure provider for CryptoSafe. As part of the partnership, the companies will build a decentralized platform that will employ Oasis Labs’ confidential smart contracts.

The platform will allow crypto exchanges to share data on potential threats.

Initially, platforms will be able to share information about transactions conducted on the blockchains of Bitcoin, Ethereum, Tron and EOS. By year-end, other networks are planned to be added.

The platform will also enable the creation of a blacklist of addresses linked to illicit activity, including fraud, theft, extortion and money laundering.

Binance CEO Changpeng Zhao urged other players in the crypto industry to join the alliance.

Earlier, analytics startup Chainalysis launched a partner program with infrastructure providers to expand tools for tracing suspicious transactions on the blockchain.

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