Scorechain expands its support to Base

In the fast-paced world of cryptocurrencies, building a secure environment is a must. Scorechain is integrating the Base network into Scorechain’s Blockchain AML Compliance solution to support the security of Base and the growing onchain ecosystem. 

As the first Blockchain KYT solution provider, Scorechain can assist you in empowering the crypto ecosystem with advanced transaction monitoring, wallet screening, and risk assessment capabilities. These features not only strengthen compliance measures but also mitigate risks, enabling more informed risk management for a more secure and trusted crypto ecosystem.

What is Base?

Base is an Ethereum Layer 2 (L2) network built on OP Stack in collaboration with Optimism. It offers developers a safe, low-cost, and developer-friendly environment to build decentralized applications. Base leverages the security of the Ethereum mainnet while providing scalability benefits and reduced transaction fees. It is incubated by Coinbase and plans to progressively decentralize over time. 

While Coinbase has a significant amount of crypto assets and active users, the ultimate goal of Base is to reach a broader audience beyond cryptocurrency trading. To achieve its ambition of having a billion users, Base needs to demonstrate use cases that go beyond the traditional realm of crypto trading.

Base Mainnet Launch

In May 2023, Coinbase presented a roadmap detailing the mainnet launch. While the outline didn’t include exact dates, it enumerated five criteria that must be fulfilled before the network’s launch can take place.

On August 3, Base formally launched the bridge UI, known as the Base Mainnet, enabling specific ERC-20 tokens to be bridged directly from Ethereum to Base. The tokens eligible for bridging include ETH, DAI, USDC, and more. And on August 9, Base Mainnet opened up for everyone. 

How to apply monitoring to Base activities with Scorechain Analytics?

Scorechain, a leading European blockchain solution provider, expands its support to Base blockchain network, enhancing AML monitoring for cryptocurrency activities. You can now monitor transactions on this blockchain with features such as risk assessment, wallet screening, real-time transaction monitoring, and exploration tools. 

The platform offers robust tools that enable seamless crypto AML and compliance checks including on Base network following:

• Address screening against sanction lists or red flags.
• Risk score assessment with alert notifications.
• VASP Directory with due diligence evaluations.
• Real-time monitoring of incoming and outgoing funds.

Scorechain Analytics streamlines compliance tasks, empowering compliance teams to work more efficiently.

About Scorechain 

Scorechain provides a blockchain analytics and transaction monitoring platform for crypto assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 45 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

Scorechain’s platform provides identifying data and risk assessment for 30+ blockchains. The platform connects to different sources and block lists to provide risk scoring on crypto assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and is fully customizable to fit all jurisdictions. Customers can monitor infinite possibilities of risk scenarios with a wide range of parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.