Astra is a well-known decentralized KYC platform that upholds financial regulatory standards for more than 150 countries while accounting for upwards of 300 sanctions and watchlists. The partnership aims to strengthen Credefi’s compliance and security without sacrificing some of the core values of the cryptocurrency industry — more specifically, anonymization.
Know-Your-Customer (KYC), Anti-Money Laundering (AML) and Know-Your-Business (KYB) have long been critical components of proper due diligence and legitimate financial operations. Many in the cryptocurrency community, however, have criticized them for undermining the pillars upon which many of the DeFi protocols are built. The partnership between Credefi and Astra Protocol is an elegant solution that cherry-picks the best of both worlds.
Through Astra’s proprietary decentralized compliance layer, Credefi will be able to be compliant, while also protecting its users in a way which respects both decentralization and privacy.
The events that transpired in the crypto industry throughout most of 2022, including the collapse of the Terra ecosystem, the multiple DeFi exploits, as well as the crash of FTX which was regarded as one of the safest centralized platforms, reveal multiple takeaways. Self-custody, security through decentralization, auditing, and transparency are but a few.
The collaboration between Credefi and Astra Protocol is geared toward a future where all of the above are put at the forefront with the aim of protecting the user at all cost.
About Credefi Finance
Credefi is a reliable provider of decentralized and secured lending portfolios of businesses and delivering a fixed return rate. Its aim is to protect lenders and borrowers from the otherwise tumultuous and volatile nature of the cryptocurrency market.
About Astra Protocol
Astra protocol is a platform that’s built to deliver plug-and-play regulatory compliance and provides KYC, AML, and KYB services through its patented decentralized layer. This allows it not to sacrifice anonymity.