Blockchain risk platform provider BIG to develop compliance solution for Syscoin » CryptoNinjas
BIGG Digital Assets, owner of Blockchain Intelligence Group (BIG), a developer of blockchain technology search, risk-scoring, and data analytics solutions, today announced a partnership with Blockchain Foundry (BCF) to provide a regulatory compliance solution for stablecoin creators.
BCF’s senior technical team developed the Syscoin protocol and BCF has built substantial proprietary technology which leverages the Syscoin blockchain.
Blockchain Foundry and BIG will launch a united product offering to create scale, transparency, and security for stablecoins. BitRank Verified and QLUE will be integrated within Blockchain Foundry’s on-chain compliance solution and wallet-to-wallet transaction monitoring capabilities.
Security tokens require rule sets and additional checks, and the combined offering will bring trust and compliance to the blockchain, making it accessible for broad adoption.
Furthermore, as stablecoins are centrally issued, and regulation stipulates regular checks, entities can now track exchanges on a transactional level with this new joint solution. These entities can apply pre-authorization compliance to each transaction for preventative measures instead of reactive like other solutions without requiring the onboarding to custody solutions.
The first phase of integration includes BitRank Verified for which BIG will receive $133K in fees from Blockchain Foundry to seed the initial data set for BCF’s compliance product ahead of its official launch later this year. BitRank Verified and QLUE will be available to customers through Blockchain Foundry’s product integration enabling an additional layer of regulatory compliance for issuers while generating additional revenue for both organizations.
“Blockchain Intelligence Group is positioned strongly to support present and future mass adoption of stablecoins and supports transparency. By partnering with Blockchain Foundry, a leader in blockchain-based business solutions, we will offer a comprehensive solution for stablecoins, security tokens, and fractionalized NFTs supported on the Syscoin blockchain ecosystem.”
– Lance Morginn, President, BIG
Blockchain Foundry has spent the last year solving custody-free opt-in on-chain compliance in ways that would not negatively impact complexity and fees for users yet allows asset issuers to easily monitor and adjust policies affecting their user-base as required in realtime.
With the recent Syscoin Lux release, the protocol now offers the ability for asset issuers to opt-in to enable an on-chain pre-transaction compliance feature unique to Syscoin where business rulesets may be managed offchain but enforced on-chain through a single signature.
This protocol enables e a lean, efficient, and flexible compliance system encompassing digital asset rules and regulations for any jurisdiction. BCF’s Transaction Compliance Fingerprint technology provides regulators with a snapshot of the exact pre-transaction compliance rules executed on each transaction.
“We are creating the tools needed for adoption and enablement of stablecoins, commodity-based digital assets, and digital security tokens operating on public permission-less settlement ledgers through the oncoming and pending regulatory frameworks. Through the use of QLUE and BitRank offerings, we can not only allow for issuers to react to situations requiring regulatory actions but for the first time on a public ledger become preventative to enable compliance in the same ways that traditional financial transfers take place all while the users hold their tokens in their own digital wallets.”
– Jag Sidhu, Chief Technology Officer, Blockchain Foundry
Banks and governments offering stablecoins or Central Bank Digital Currency (CBDC) can monitor in real-time any links to nefarious activities and illicit actors. With QLUE as part of the combined product offerings, these entities can now also trace stablecoin transactions starting with Syscoin.