BIG Blockchain Intelligence Group Inc. (“BIG”) Engages ATB Financial Services in Pilot Project for Risk Assessment & Compliance of Crypto-Mining Client Activity
BIG Blockchain Intelligence Group (CSE:BIGG, OTC:BBKCF, WKN:A2JSKG), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, is pleased to announce it has engaged ATB Financial (ATB) – the largest Alberta-based financial institution, with assets of $50.7 billion – in a pilot project designed to explore and identify opportunities around risk assessment and compliance related to crypto-mining client activity.
BIG Blockchain Intelligence Group (CSE:BIGG, OTC:BBKCF, WKN:A2JSKG), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, is pleased to announce it has engaged ATB Financial (ATB) – the largest Alberta-based financial institution, with assets of $50.7 billion – in a pilot project designed to explore and identify opportunities around risk assessment and compliance related to crypto-mining client activity. The pilot project will enable ATB Financial to evaluate firsthand BIG’s proprietary cryptocurrency verification product, BitRank VerifiedTM, and the Company’s blockchain investigation security platform, QLUETM.
Crypto-mining plays a vital role within the Cryptocurrency eco-system and the open, distributed ledger that is the blockchain. Crypto-miners help to complete blocks of transactions on the blockchain and, in turn, generate new coins. Crypto-miners and other organizations in the emerging cryptocurrency market are seeking to work with financial institutions and regulators to ensure that their operations and business activities meet eligibility requirements for securing banking services.
ATB Financial will utilize BIG’s comprehensive suite of security and forensics tools for evaluating the operations of Crypto-mining companies and assessing the risk management and compliance obligations in order to understand how they can support crypto-mining businesses in terms of providing banking services, consistent with their mission to support Alberta entrepreneurs.
This collaborative project will include: on-site training and orientation by BIG’s professional support team; application of BIG’s BitRank VerifiedTM and QLUETM products to mining operations; a gap analysis against expected risk management and compliance practices; and the development of go-forward recommendations and plan.
“We’re excited for this opportunity to work collaboratively with a large, respected and innovative financial institution like ATB Financial,” said BIG CEO, Lance Morginn. “This pilot project will enable us to put our tools to work on a unique case study that’s squarely focused on managing financial risk and compliance, which are two of the primary benefits we bring to the financial sector. The project also aligns perfectly with BIG’s goals of bringing trust to this new era of money while creating a clearer path to mainstream acceptance and usage of cryptocurrencies.”
BIG’s President, Shone Anstey, added: “As the world increasingly embraces cryptocurrencies, our commitment is to enable progressive financial institutions to provide the very best services for their clients. This pilot project is designed to explore and identify the best tools and security measures available to make that possible. That’s why we’re looking forward to working with ATB’s team on the project scope outlined to date while also assessing opportunities for possible future engagement.”
On behalf of the Board,
CEO & Co-Founder
About BIG Blockchain Intelligence Group Inc.
BIG Blockchain Intelligence Group Inc. (“BIG”), has developed from the ground up a Blockchain agnostic search and analytics engine, QLUETM, allowing RegTech, Law Enforcement & Government Agencies to trace, track and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank VerifiedTM, offers a “risk score” for Bitcoin wallets allowing banks, exchanges and eCommerce sites to meet traditional regulatory/compliance requirements.
About ATB Financial
With assets of $50.7 billion, ATB Financial is Alberta’s largest home-grown financial institution. Established in 1938, ATB is a network of 175 branches, 142 agencies, a Customer Care Centre, three Entrepreneur Centres, along with mobile and online banking. ATB’s more than 5,000 team members help more than 740,000 customers in 247 Alberta communities.
About BitRank VerifiedTM
BIG developed BitRank VerifiedTM to offer the financial world a simplified front-end results page, enabling consumer-facing bank tellers, exchanges, eCommerce sites and retailers to know whether a proposed transaction is safe to accept, questionable, or should be denied. BitRank VerifiedTM is custom tailored to provide the FinTech sector with a reliable tool for meeting their regulatory requirements while mitigating exposure to risk of money laundering or other criminal activities.
BIG developed its proprietary flagship product, QLUETM (Qualitative Law Enforcement Unified Edge), to enable the RegTech and FinTech sectors to mitigate cryptocurrency transaction risks by following the “virtual” money involved. QLUE’s tracking and tracing capabilities enable financial institutions and law enforcement to level the playing field and identify individuals engaging in money laundering or criminal activities involving cryptocurrencies.
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For more information and to register to BIG’s mailing list, please visit our website at www.blockchaingroup.io. Follow @blocksearch on Twitter. Or visit SEDAR at www.sedar.com.
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