Digital Products
Grand Cayman, Cayman Islands, May 16, 2024, Chainwire
With the launch of Netki’s DeFi Sentinel on Ai, protocol developers can choose to screen transactions before final processing on the blockchain, significantly reducing the compliance burden.
Today, Netki, the leader in digital identity verification, announced the launch of DeFi Sentinel, a pioneering compliance oracle, on Sui, a layer 1 blockchain and smart contract platform. This integration introduces an important tool for developers to automate compliance within protocols, without having to spend time developing tools to address complex and ever-changing regulations that often vary from jurisdiction to jurisdiction. This allows you to focus on shipping high-potential projects.
Financial institutions are actively working on DeFi protocols and technologies, but they must ensure that all trading and trading partners meet compliance standards. Until now, these institutional investors have been forced to either trade in manually managed pools with limited liquidity and trading volume, or avoid DeFi altogether. His DeFi Sentinel on Sui allows developers to meet institutional and regulatory requirements with her one-time integration.
DeFi Sentinel leverages Netki’s advanced technology to provide real-time KYC/AML, wallet screening, financial transaction monitoring, securities compliance, and tax compliance. All of this is now integrated directly within his DeFi protocol on Sui, which has chosen to implement this tool. The solution combines on-chain and off-chain data to ensure each transaction is compliant with institutional risk and regulatory standards.
Sui also integrates Netki’s OnboardID. This strengthens the user onboarding and identity verification process for enabling protocols, reduces costs, and simplifies compliance regarding the application on-ramping process for Sui developers. Netki’s integration represents a major step forward in making decentralized financial systems more secure and accessible around the world.
“DeFi protocols are poised to transform financial services by enhancing accessibility and transparency, but many good ideas have stalled due to compliance concerns,” said Sui. said first contributor Evan Cheng, CEO of Mysten Labs. “Netki integration not only strengthens the security and compliance of transactions on Sui, but also ensures that organizations and individual participants comply with evolving regulatory requirements, and most importantly, developers It gives you the peace of mind that you can build with confidence.”
Netki’s DeFi compliance oracle is unique in the industry and enables transaction-by-transaction compliance, which is essential for organizational adoption of DeFi tools. With features such as real-time name and wallet screening, the solution ensures compliance and risk management are seamlessly integrated into transaction flows without compromising user experience or developer agility. .
“By integrating DeFi Sentinel with Sui’s robust and scalable blockchain infrastructure, we are setting a new standard for safety and compliance in the DeFi space,” said Justin Newton, CEO of Netki. “We aim to enable secure and widespread adoption of DeFi technology, making it easy for developers to meet evolving and expanding compliance requirements while focusing on innovation.”
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“These add-ons are great.”
“Grand Cayman, Cayman Islands, May 16, 2024, The launch of Netki’s DeFi Sentinel on Chainwire Sui allows protocol developers to choose to screen transactions before finalization on the blockchain, providing mitigation It will be done…”
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Source link: https://coinjournal.net/news/crypto-pioneer-netki-powers-simless-kyc-and-compliance-solutions-across-the-suit-ecosystem/
