Successes of 2023: 21 Analytics
2023 was a whopper of a year for 21 Analytics. Not only did we showcase one of our quality products, 21 Travel Rule, as one of the best Travel Rule solutions, but we also developed various open-source libraries to aid the ecosystem and a crypto-compliance-focused chat AI, once again proving we are leaders in Travel Rule technology. We contributed to developing the crypto landscape through various channels, and our client and partner base grew in leaps and bounds.
Successes of 2023: 21 Analytics
Once Again, We Were Technology Leaders
We further established ourselves as technology leaders this year. Not only did we develop free developer tools, such as the Travel Rule Protocol (TRP) Travel Address Encoder, but we updated our Travel Rule compliance software, 21 Travel Rule, to meet the compliance standards of various jurisdictions and to address the deficiencies noted in the Financial Asset Task Force’s (FATF) Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers.
21 Travel Rule: The Ideal Travel Rule Solution
As explained above, 21 Travel Rule is one of the only Travel Rule solutions to tackle every deficiency listed by the FATF while still allowing virtual asset service providers (VASPs) the freedom to tweak it to their personal preferences.
Some examples of how 21 Travel Rule meets these FATF’s guidelines:
VASPs can store data for 5 years and more, with the option to download the content in various formats.
When attempting transactions, VASPs are prompted to complete their customer’s Travel Rule data per the jurisdiction’s Travel Rule requirements before completing the transaction.
21 Travel Rule’s primary protocol, TRP, allows VASPs to accept or decline inbound transactions before any on-chain activity happens.
To see how 21 Travel Rule is the ideal Travel Rule solution, see Deficiencies in Travel Rule Solutions.
21 AI: A Travel Rule Expert
We developed the first Travel Rule-specific AI to aid compliance officers and VASPs in their crypto compliance journey.
21 AI was built to deliver automated text responses to users. Employing natural language processing (NLP) techniques, it comprehends and analyses user input, generating responses that are not only relevant but also contextually appropriate. 21 AI was trained on various in-house regulatory and technical crypto content types, ensuring swift and user-friendly access to sought-after information.
Try out 21 AI: ask it your crypto compliance-related questions.
Open-source Libraries
The 21 Team published a handful of open-source libraries this year, such as our Blockbook library, LEI library, and IVMS101 library.
Open-source software offers insight into its source code, enabling users to comprehend its functionality and validate its security. This transparency nurtures trust and encourages a collaborative ethos in software development. Additionally, users can adapt and tailor open-source software to meet their requirements.
We Contributed to the Ecosystem
The 21 Team contributed to the ecosystem in many ways this year. Our team was key speakers at various events, universities and podcasts throughout the year, further facilitating the adoption of the Travel Rule. Team members also published a paper, “How The Travel Rule Protocol (TRP) Addresses The Challenges Presented By The Travel Rule”, in the 2023 CVA Research Journal. Additionally, we added our input to various Travel Rule documents and ecosystem discussions through INATBA and CryptoUK.
Participation within the FATF Virtual Assets Contact Group (VACG)
As VACG meetings continue to be the most influential meetings of the public and private sectors, we are proud to note that we were invited to speak on counterparty due diligence and interoperability at the FATF’s VACG group twice this year.
Read FATF Virtual Assets Contact Group (VACG): 21’s Takeaways
Collaborations within the Ecosystem
This year, we published 2 documents with EY Switzerland in which we, respectively, highlighted the essential facts about the Transfer of Funds Regulation and its challenges for crypto asset service providers (CASPs) and Switzerland’s implementation of the Travel Rule.
Orkan Sahin, Senior Manager at EY Switzerland, stated:
“It is through joint work like this that we can share regulatory knowledge with the ecosystem and assist businesses in meeting the challenges and opportunities presented by digital assets.”
Other successful collaborations included the Travel Rule Whitepaper, which we co-wrote with KYC/AML Guide.
Contributions to ESG Standards Through Green Technology
Since we started in 2020, we've been using Rust as our go-to programming language. Our main product, 21 Travel Rule, and all our in-house open-source projects have been developed in Rust. We understand that ESG standards require a holistic approach across all three areas, and we know that software infrastructure alone isn’t enough. However, we see Rust as a crucial part of our efforts to meet ESG standards through the software it helps us build.
Read 21 Analytics: Our Contribution to ESG Standards Through Green Technology
Our Customer and Partner Base Grew
In 2023, we gained new customers and formed valuable partnerships. More customers have chosen to engage with our products and services, reflecting their recognition of the value we provide. Moreover, we have formed partnerships with like-minded organisations, expanding our network and creating opportunities for collaboration. These developments underscore our commitment to delivering quality solutions and building lasting connections within the ecosystem.
Nick Ntigrintakis, XEROF’s CEO, said:
“21 Analytics’ is the only solution that keeps our data safe, a vital requirement for our compliance needs, as our customers’ privacy is of the utmost importance to us”.
See our blog section for our latest success stories.
Co-working Abroad
As 21 Analytics seeks top talent worldwide, our team primarily operates remotely. Nevertheless, collaboration remains crucial for our company. This year, the team met to co-work in Belgrade, Serbia, and Lisbon, Portugal.
2023 was a fruitful year for us, and we look forward to 2024.
Do you want to be a part of 21? Customers, partners and candidates reach out to us today.
