Grand Cayman, Cayman Islands, May 16th, 2024, Chainwire
With the launch of Netki’s DeFi Sentinel on Sui, protocol developers can opt to screen transactions before finalization on the blockchain, easing a significant compliance burden
Today, Netki, a digital identity verification leader, announced the launch of their pioneering compliance oracle – DeFi Sentinel – on Sui, the Layer 1 blockchain and smart contract platform. The integration introduces 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 meet complex, ever-changing regulations that often differ across jurisdictions.
Institutions are eager to engage with DeFi protocols and technology but need to ensure that all of their trades, and trading partners, meet their compliance standards. Until now, these institutional players have been forced to either trade in manually managed pools with limited liquidity and trading volume, or to avoid DeFi altogether. With DeFi Sentinel on Sui, developers can meet institutional as well as regulator requirements via a one-time integration.
DeFi Sentinel leverages Netki’s advanced technology to provide real-time KYC/AML, wallet screening, financial transaction monitoring, securities compliance, and tax compliance, all now integrated directly within the DeFi protocols on Sui that choose to implement the tool. The solution combines on-chain and off-chain data to ensure each transaction adheres to institutional risk, as well as regulatory standards.
Sui will also integrate Netki’s OnboardID, which, for protocols that enable it, enhances user onboarding and identity verification processes, reducing costs and simplifying compliance around the onramping process for Sui developers’ applications. Netki’s integration represents a significant advancement in making decentralized financial systems safer and more accessible globally.
“DeFi protocols are poised to transform financial services by enhancing 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. “Netki’s integration not only fortifies the security and compliance of transactions on Sui but also assures institutional and…