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Starting November, we will be working with Merkle Science, a leading provider of blockchain transaction monitoring and intelligence solutions, to prevent the illicit use of cryptocurrencies through our platform. Merkle Science provides transaction monitoring solution to authenticate, validate, and perform risk assessments related to transactions on the blockchain. Merkle Science’s solutions will enable the tracking of provenance (where funds originated from) and risk monitoring (by flagging high-risk entities/addresses).

These efforts will be in addition to prior initiatives by Pundi X to ensure only legitimate transactions take place on the blockchain. For example, Pundi X has already instituted mandatory Know Your Customer procedures on its XWallet app in order to comply with guidelines set by the Monetary Authority of Singapore. These procedures serve to verify the details of its users and create an environment where there is personal accountability for every transaction that takes place.

“Merkle Science is a known and trusted name in the industry,” says Zac Cheah, Co-founder, and CEO of Pundi X. “More than just the years of experience they bring with them, Merkle Science has long been recommended by the Singapore Fintech Association for their strict compliance with industry regulations. What we’re doing with Merkle Science is just the next logical step in creating a safer platform backed by blockchain and crypto assets,” concluded Cheah. “The sooner we develop a healthy ecosystem around these technologies, the better.”

“Pundi X is one of Singapore’s most established developers of blockchain-powered devices and we are very excited to be working with them to combat cryptocurrency crime. We share Pundi X’s vision of accelerating the mainstream adoption of cryptocurrencies including at physical stores and believe compliance technology plays a critical role in winning the trust of end-users.” Mriganka Pattnaik, Co-founder and CEO, Merkle Science


Merkle Science provides blockchain transaction monitoring and intelligence solutions for cryptoasset service providers, financial institutions and government agencies to detect, investigate and prevent the use of cryptocurrency for money laundering, terrorist financing, and other criminal activities. Merkle Science is headquartered in Singapore with offices in Bengaluru, Seoul, and Tokyo and backed by Digital Currency Group, Kenetic, SGInnovate, and LuneX.