Asterizm and Albus Protocol announce strategic partnership to enhance KYC/AML procedures for DeFi and tokenized RWA solution developers
WOLLERAU, SWITZERLAND / ACCESSWIRE / June 7, 2024 / Asterizm, a company focusing on next-generation interoperability for the RWA market, and Albus Protocol, a decentralized platform for cost-efficient KYC verification, are thrilled 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 in the DeFi market and the tokenized real-world asset (RWA) sector, which will be worth more than $10 trillion in 2028. One of the key drivers of this development is the mandatory implementation of KYC/AML procedures for market participants.
Asterizm is a next-generation interoperability layer that allows seamless communication between public and private chains for DeFi protocols & 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 enable DeFi projects, RWA protocols, and projects building their dApps on Asterizm to seamlessly utilize easy-to-use and cost-efficient 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-made integrations with market-leading solutions. This will give them flexibility in development 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 highly value 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 the necessity to comply with current and upcoming regulations, we plan to integrate Albus's solution into our lending protocol as well."
Alexander Ray, CEO & Co-founder of Albus Protocol:
"Developing KYC and AML protocols in-house takes months, if not years, and will set the company back millions of dollars. The biggest banks in the world spend up to $500 million yearly on KYC alone, with an average spending of $50 million. By offering Asterizm customers 1,000 free KYC verifications, 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 enable tokenized RWA holders to earn additional yield and borrow liquidity across various chains using their tokenized RWAs as collateral. Liqvid will also utilize Albus's KYC/AML solutions.
About:
Albus Protocol is a Web3 app for KYC verification. Its cost-efficient compliance features make KYC an inexpensive and easy process for businesses. Thanks to its privacy-preserving and decentralized design, users undergoing KYC can do it privately, while controlling their personal data and sharing only what they want to share.
Media Contact:
Julia Sabitova
PR-Director, Albus Protocol
js@albus.finance
https://albus.finance/
Sergey Mnatsakanov
Chief Partnership Officer, Asterizm
relations@asterizm.io
https://asterizm.io/
SOURCE: Albus Protocol
View the original press release on accesswire.com
