Blockchain Intelligence Group (BIG), a Canada-based developer of blockchain solutions, has engaged Alberta-based financial institution ATB Financial (ATB) in a pilot project focused on exploring and identifying opportunities around risk assessment and compliance related to crypto-mining client activity.

Crypto-miners play a crucial role in the cryptocurrency ecosystem. They are the entities who complete blocks of transactions on the blockchain and, in turn, generate new coins. Crypto-miners are increasingly seeking to collaborate with financial institutions and regulators to ensure regulatory compliance.

The pilot project will enable ATB Financial to evaluate firsthand BIG's proprietary cryptocurrency verification product, BitRank Verified, and blockchain investigation security platform, QLUE.

“We're excited for this opportunity to work collaboratively with a large, respected and innovative financial institution like ATB Financial,” BIG CEO Lance Morginn said. “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.”

Using BIG’s suite of security and forensics tools, ATB Financial would evaluate the operations of crypto-mining companies and assess the risk management and compliance obligations. It will help ATB Financial to understand how they can support crypto-mining businesses in terms of providing banking services.

The project will include on-site training and orientation by BIG's professional support team; application of BIG's BitRank Verified and QLUE products to mining operations; a gap analysis against expected risk management and compliance practices; and the development of go-forward recommendations and plan.