Grand Cayman, Cayman Islands, May 16, 2024, Chainwire
With the launch of Netki's DeFi Sentinel on Sui, protocol developers can choose to filter transactions before their completion on the blockchain, alleviating a significant compliance burden. Today, Netki, a leader in digital identity verification, announced the launch of its pioneering compliance oracle, DeFi Sentinel, on Sui, the Layer 1 blockchain and smart contract platform. The integration presents an essential tool for developers that automates compliance within their protocols, allowing them to focus on shipping high-impact projects instead of spending time developing tools to comply with complex and ever-changing regulations that often differ between jurisdictions.
Institutions are eager to engage with DeFi protocols and technology, but must ensure that all their operations and trading partners meet their compliance standards. Until now, these institutional players have been forced to trade in manually managed pools with limited liquidity and trading volume, or avoid DeFi altogether. With DeFi Sentinel on Sui, developers can meet institutional and regulatory requirements through a single integration.
DeFi Sentinel leverages Netki's advanced technology to provide real-time KYC/AML, wallet discovery, financial transaction monitoring, securities compliance, and tax compliance, all now integrated directly within the DeFi protocols on Sui that the tool chooses to deploy. The solution combines on-chain and off-chain data to ensure each transaction meets institutional risk as well as regulatory standards.
Sui will also integrate Netki's OnboardID, which, for enabling protocols, improves user onboarding and identity verification processes, reducing costs and simplifying compliance around the onboarding process for Sui developers' applications. The Netki integration represents a significant step forward in making decentralized financial systems more secure and accessible globally.
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“DeFi protocols are poised to transform financial services by improving accessibility and transparency, but many of the best ideas fail to get off the ground due to compliance concerns,” said Evan Cheng, CEO of Mysten Labs, the original contributor to Sui. . “The Netki integration not only strengthens the security and compliance of transactions on Sui, but also assures institutional and individual participants of their compliance with evolving regulatory requirements and, most importantly, gives developers peace of mind to build with confidence.”
Netki's DeFi compliance oracle is unique in the industry and enables transaction-by-transaction compliance, which is crucial for institutional adoption of DeFi tools. With features such as real-time name and wallet detection, the solution ensures that compliance and risk management are seamlessly integrated into the transaction flow 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 security and compliance in the DeFi space,” said Justin Newton, CEO of Netki. “Our goal is to enable secure and widespread adoption of DeFi technologies, ensuring developers can focus on innovation while effortlessly meeting evolving and expanding compliance requirements.”
ContactSui Foundation[email protected]
This article was originally published on Chainwire.
