Blockchain risk platform provider BIG develops compliance solutions for Syscoin »CryptoNinjas
BIGG Digital Assets, owner and developer of Blockchain Intelligence Group (BIG) Blockchain technology search, risk scoring and data analysis solutions, Today announced the establishment of a partnership with Blockchain Foundry (BCF) to provide stablecoin creators with compliance solutions.
The senior technical team of BCF developed the Syscoin protocol and BCF has established a large number of proprietary technologies It utilizes the Syscoin blockchain.
Blockchain Foundry and BIG will launch a joint product to create scale, transparency and security for stablecoins. BitRank Verified and QLUE will be integrated into Blockchain Foundry’s on-chain compliance solution and wallet-to-wallet transaction monitoring function.
Security tokens require rule sets and additional checks, and the combined product will bring trust and compliance to the blockchain, making it easy for widespread adoption.
In addition, since stablecoins are issued centrally and regulations require regular inspections, entities can now use this new joint solution to track exchanges at the transaction level. These entities can apply pre-authorization compliance to each transaction to take preventive measures instead of reactively responding like other solutions without having to initiate a custodial solution.
System currency integration
The first stage of integration includes BitRank Verified, and BIG will receive a $133,000 fee from Blockchain Foundry to provide the initial data set for BCF’s compliance products before the official launch later this year. BitRank Verified and QLUE will be provided to customers through Blockchain Foundry’s product integration, providing issuers with an additional layer of regulatory compliance, and at the same time creating additional revenue for the two organizations.
“The Blockchain Intelligence Group has a strong position to support the current and future large-scale adoption of stablecoins and support transparency. By cooperating with Blockchain Foundry, a leader in blockchain-based business solutions, we will provide stablecoins and securities representatives. Coins and fragmentation provide comprehensive solutions NFT Syscoin blockchain ecosystem support. “
– Lance Morginn, President of BIG
Blockchain Foundry has been solving the problem of free custodial opt-in on-chain compliance last year. This approach will not negatively affect the complexity and fees of users, but allows asset issuers to monitor and adjust the impact of their user base in real time as needed. policy.
With the recent release of the Syscoin Lux version, the agreement now provides asset issuers with the ability to choose to enable Syscoin’s unique on-chain pre-transaction compliance function, where business rule sets can be managed off-chain, but through a single signature Execution on the chain.
The agreement implements a lean, efficient and flexible compliance system, including digital asset rules and regulations applicable to any jurisdiction. BCF’s transaction compliance fingerprint technology provides regulators with an accurate snapshot of the pre-transaction compliance rules implemented for each transaction.
“We are creating the tools needed to adopt and enable stablecoins, commodity-based digital assets, and digital security tokens through the upcoming and pending regulatory framework, which operate on public license-free settlement ledgers. Through the use of QLUE and With the BitRank product, we can not only allow issuers to respond to situations that require regulatory actions, but also become preventive on the public ledger for the first time, achieving compliance in the same way as traditional financial transfers. Users transfer tokens Keep it in your own digital wallet.”
– Jag Sidhu, Chief Technology Officer, Blockchain Foundry
Banks and governments that provide stablecoins or central bank digital currencies (CBDC) can monitor any links to evil activities and illegal actors in real time. Using QLUE as part of the portfolio, these entities can now also track stablecoin transactions starting with Syscoin.