Compliant Memecoin Launch: Beercoin’s 35K+ Wallets Verified
Beercoin ($BEER) is a Solana-based community-focused token that has quickly captured the attention of the global crypto community. Within just days of its launch, Beercoin gained over 300,000 followers and completed a $5 million pre-sale. Last June, they reached a market cap of $309 million.
The project describes itself as "liquid gold" and offers numerous perks to its community and BEER holders. These include high-profile rewards such as a Tesla CyberTruck, VIP tickets to Oktoberfest, shares in Heineken, and a ten-year beer supply.
Developed by a team with over a decade of experience in launching successful tokens, Beercoin is listed on major centralized exchanges, including Gate.io, HTX, KuCoin, and Bitget. The team’s track record includes previous token listings on top exchanges like Binance, OKX, and Bitfinex, highlighting their expertise in navigating the competitive cryptocurrency market.
Challenges
- Complex Regulations: Navigating the stringent crypto regulatory landscape, especially the overwhelming AML and KYT/KYW requirements was difficult.
- Credibility Concerns: Building and maintaining user trust in memecoins can be challenging. Unlike other cryptocurrencies, memecoins often face skepticism from both users and investors.
- Scalability Issues: As Beercoin grew, they needed a more efficient user verification process to keep up with the demand for quick and compliant user onboarding.
- Manual Verification Limitations: Manual processes led to long wait times, errors, false positives.
"Thanks to AMLBot, we seamlessly monitor transactions with integrated KYT/KYW solutions. The platform’s continuous screening and straightforward compliance management have made a noticeable impact on Beercoin operations.” — Beercoin Team
Solutions
- Comprehensive Wallet Screening: AMLBot integrated solutions efficiently to screen wallets against extensive databases, mitigating compliance risks. Know Your Transaction enables monitoring and analysis of transactions as they occur, ensuring compliance with regulations in real time.
- Short processing Time: Reduced processing times, ensuring swift and accurate compliance monitoring.
Results
- Efficient Monitoring: Beercoin’s KYT usage saw a 4x team productivity increase, improving overall compliance.
- Operational Automation: Compliance measures were swiftly deployed via AMLBot API integration and the Beercoin protocol was automated in just 24 hours.
- Improved User Trust: Rigorous measures enhanced security of 35000+ wallets holding BEER and bolstered user confidence in the credibility of Beercoin.
- Swift Compliance: 90% of transactions are thoroughly checked within just 3 seconds, setting a new standard in swift compliance.
- Free Re-check: Any wallet and transaction can be rechecked for free at any time
“The integration of AMLBot was a game-changer. It streamlined our compliance efforts and automated our processes, allowing us to focus on growing our community and enhancing our platform. AMLBot’s solutions have been pivotal in helping us meet regulatory demands and maintain the trust of our users.” — Beercoin Team
