Crypto Pioneer Netki supports seamless KYC and compliance solutions across the Sui ecosystem.

adminMay 16, 2024

Grand Cayman, Cayman Islands, May 16, 2024, Chainwire

With the launch of Netki’s DeFi Sentinel on Sui, protocol developers can choose to vet transactions before they are finalized on the blockchain, reducing significant compliance burden.

Today, digital identity verification leader Netki announced the launch of DeFi Sentinel, a pioneering compliance oracle on Sui, a layer 1 blockchain and smart contract platform. The integration introduces essential tools for developers that automate compliance within protocols, allowing developers to focus on high-impact projects rather than spending time developing tools to meet complex and ever-changing regulations that often vary across jurisdictions. You can focus on delivering.

Institutions want to participate in DeFi protocols and technologies, but they need to ensure that all exchanges and trading partners meet compliance standards. Until now, these institutional players have had to trade in manually managed pools with limited liquidity and trading volume or avoid DeFi altogether. Sui’s DeFi Sentinel allows developers to meet the needs of institutions and regulators through one-time integrations.

DeFi Sentinel leverages Netki’s advanced technology to provide real-time KYC/AML, wallet screening, financial transaction monitoring, securities compliance, and tax compliance, and is integrated directly within Sui’s DeFi protocols, which have now chosen to implement the tool. The solution combines on-chain and off-chain data to ensure that each transaction complies with institutional risk and regulatory standards.

For its enabling protocol, Sui will also integrate Netki’s OnboardID, which improves the user onboarding and identity verification process, reducing costs and simplifying compliance for the onramping process for Sui developer applications. Netki’s integration marks a significant step forward in making decentralized financial systems safer and more accessible globally.

“DeFi protocols are poised to transform financial services by improving accessibility and transparency, but compliance issues are preventing many of the best ideas from being implemented properly,” said Evan Cheng, CEO of Mysten Labs, an original contributor to Sui. said. “Netki’s integration not only strengthens the security and compliance of Sui transactions, it ensures institutional and individual participants comply with evolving regulatory requirements, and most importantly, it provides developers with peace of mind to build with confidence. no see.”

Netki’s DeFi compliance oracle is unique in the industry and enables transaction-specific compliance, which is critical to institutional adoption of DeFi tools. With features like real-time name and wallet checks, this 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 ensure secure and widespread adoption of DeFi technologies, allowing developers to focus on innovation and making it easy to meet evolving and expanding compliance requirements.”