DeFi
How the tokenized DeFi and RWA market is adapting to regulatory implementation
Asterism And Albus Protocol announces strategic partnership to improve KYC/AML procedures for developers of tokenized DeFi and RWA solutions
WOLLERAU, SWITZERLAND / ACCESSWIRE / June 7, 2024 / Asterisma company focused on next-generation interoperability for the RWA market, and Albus Protocola cost-effective decentralized KYC verification platform, is excited to announce a strategic partnership and integration of the Albus Protocol compliance system into the Asterizm ecosystem.
This integration is a logical response to the evolving regulatory landscape of the DeFi market and the real-world tokenized assets (RWA) sector, which will be worth more than $10 trillion in 2028. One of the main drivers of this development is the mandatory implementation of KYC/AML procedures for market participants.
Asterizm is a next-generation interoperability layer that enables seamless communication between public and private chains for DeFi protocols and TradFi institutions operating with tokenized assets. Albus Protocol is a decentralized KYC verification platform that provides directly integrated on-chain procedures with built-in compliance assurance. The integration of the Albus Protocol platform will allow DeFi projects, RWA protocols and projects creating their dApps on Asterizm to seamlessly use an easy-to-use and cost-effective KYC infrastructure.
Denis Polulyakhov, co-founder of Asterizm, commented:
“We want to provide developers who choose Asterizm not only with our cross-chain communication protocol, but also with a set of ready-to-use integrations with market-leading solutions. This will give them development flexibility and the ability to save time and resources when building products on the Asterizm platform. We already have integrations with Fireblocks and Chainlink, for example. We greatly appreciate the solution provided by the Albus team and believe it will fit perfectly into our ecosystem given our ongoing work on the Liqvid protocol and its necessity. In order to comply with current and future regulations, we also plan to integrate Albus’ solution into our lending protocol.
Alexander Ray, CEO and co-founder of Albus Protocol:
“Developing KYC and AML protocols in-house takes months, if not years, and will cost the company millions of dollars. The world’s largest banks spend up to $500 million per year on KYC alone, with an average spend of $50 million. By offering Asterizm customers 1,000 free KYC checks, we want to demonstrate that on-chain compliance can be an affordable and painless business process that opens up new opportunities with the right partners.
Additionally, Asterizm announced the development of Liqvid, a cross-chain lending protocol based on its proprietary cross-chain messaging technology. Scheduled for release in September 2024, Liqvid will allow tokenized RWA holders to earn additional yield and borrow liquidity on various chains using their tokenized RWAs as collateral. Liqvid will also use Albus’ KYC/AML solutions.
About:
Albus Protocol is a Web3 application for KYC verification. Its cost-effective compliance features make KYC a simple and inexpensive process for businesses. With its decentralized and privacy-preserving design, users who undergo KYC can do so privately, while still controlling their personal data and sharing only what they want to share.
Media Contact:
Julia Sabitova
Director of Public Relations, Albus Protocol
js@albus.finance
https://albus.finance/
Sergey Mnatsakanov
Director of Partnerships, Asterizm
relations@asterizm.io
https://asterizm.io/
SOURCE: Albus Protocol
View original Press release on accesswire.com