Every gold rush needs someone to sell picks and shovels. And in the gold rush that is the cryptocurrency boom, some of the most valuable picks and shovels are tools to help cryptocurrency exchanges remain compliant with regulations regarding anti-money laundering (AML).

So it is no surprise to learn that Australian digital asset exchange Blockbid is shoring up its AML safeguards by partnering with LexisNexus Risk Solutions’ ThreatMetrix. The deal will give Blockbid the ability to leverage identity verification, authentication, and KYC/AML solutions, as well as physical and digital identity data, geolocation, and threat analysis to provide its users with the most secure trading experience possible.

“Cryptocurrency exchanges, like Blockbid, that are prioritizing security on their marketplace, face a complex set of challenges and cyberthreats,” ThreatMetrix Chief Product Officer Alisdair Faulkner said. Among these challenges is the increasingly global nature of cybercrime, Faulkner noted, which meant organizations needed “the power of a global shared network” in order to identify threats before they are able to do harm. By leveraging data from millions of daily consumer interactions, Faulkner said, “suspicious behavior can be detected and flagged for review and step-up authentication or rejection before a transaction is processed. (This creates)  a low-friction experience for trusted users.”

A market leader in the field of cloud-based digital identity and transaction authentication, ThreatMetrix was acquired by RELX at the beginning of the year in a deal worth $830 million, and was incorporated into the RELX’s Risk and Business Analytics’ LexisNexis Risk Solutions. The company, founded in 2005 and based in San Jose, California, analyzes 100 million transactions a day across 35,000 websites from 5,000 customers. This gives ThreatMetrix’s Digital Identity Network a repository of 1.4 billion unique online identities from 4.5 billion devices in 185 countries.

ThreatMetrix demonstrated its Digital Identity Graph at FinovateAsia 2016. Last month, the company won the 2018 Best Identity Verification and Authentication Solution category at the CNP Awards, and picked up top honors at both the LendIt Awards 2018 – where it won Top Enterprise Technology Company – and the Fintech Breakthrough Awards 2018 – where ThreatMetrix earned the Top Fraud Prevention Platform award.

The company released the Spring 2018 version of its ThreatMetrix ID technology in April which represented the first product integration between ThreatMetrix and LexisNexis Risk Solution since the RELX acquisition. The same month, ThreatMetrix CEO Reed Taussig was named CEO of the Year by independent strategy and research firm, One World Identity.