07:37 AM EST, 12/24/2024 (MT Newswires) -- DMG Blockchain Solutions ( DMGGF ) overnight on Monday said the U.S. Patent and Trademark Office issued the company a patent for cryptographic taint tracking.

The patent is a continuation of a previous patent that the company said laid the foundation for a method to detect and track tainted cryptographic wallets, supporting efforts to combat money laundering and fraud.

DMG said the new patent builds on the innovative technology behind Blockseer's wallet risk scoring method, which reinforces DMG's clean-block mining initiative and its use in mining pools.

"By advancing a novel methodology to detect and prevent suspicious activity in real-time, we're enhancing the trust and safety of the blockchain," CEO Sheldon Bennett said. "This is a notable step forward to enable custody providers and exchanges to ensure regulatory compliance."

"As we look forward with our Systemic Trust custody subsidiary and Terra Pool as the key enabling elements of our carbon neutral Bitcoin ecosystem, compliance technology, such as what is being enabled by our patent, is core to ensuring that bad actors are prevented from tainting our ecosystem," Bennett added.

DMG's share price fell 6.3% on Monday to $0.37 on the TSXV.