This week we crossed 184,000 wallet checks. The number is large enough to feel real, small enough to reflect on. Here are five things the first six months have taught us.
One: free beats paid for mindshare. The core wallet check on amlregister.com is free and will stay that way. That policy has done more for our adoption — and for the quality of the conversations we have with paying enterprise customers — than any marketing campaign we've run. A lawyer using the free tool on a single address on a Friday evening is a legitimate, valuable user. We've never regretted the decision.
Two: enterprise customers buy on evidence, not promises. Every enterprise customer we have won since launch went through a proof-of-value phase where they ran our API against their historical cases and compared our findings to their own. Our close rate when we agree to that phase is 86%. Our close rate when we don't is under 15%. Don't fight the evidence request.
Three: the data moat is real but not how we expected. We thought the moat was proprietary attribution. It turns out the moat is the speed at which we integrate new attribution. Within 12 hours of the Ronin-retrospective designation in February, we had the full cluster flagged; our next-closest competitor took 38 hours. Operational speed is a real, durable advantage.
Four: compliance teams want reproducibility, not just accuracy. The verification hash we ship on every PDF was originally a minor feature. It's turned out to be one of the most-praised aspects of the product, because it lets auditors re-derive a historical report and confirm that nothing changed. Boring is good; reproducibility is love.
Five: the ecosystem is wider than the FinCrime team. We've been surprised by how many users are not in compliance at all — security researchers, journalists, project founders doing due diligence on investors, DAOs screening grant recipients. The product was designed for compliance, but the use cases have generalised. That's a good problem.
What we're doing differently going forward. Three things. First, the API is being promoted from "we have an API" to a first-class product surface, with better docs, SDKs, and example code. Second, we're investing heavily in bulk screening; the spreadsheet-to-results workflow is still the most common enterprise use-case and it deserves a best-in-class experience. Third, we're adding a lightweight team tier between Free and Pro, aimed at small legal and audit firms.
Thanks to the 184,000 checks. Thanks to the 12,000 people who ran them. Thanks to the 190+ enterprise customers who trust us with production workflows. The product is far from finished.
