ConsenSys New Compliance Services For Tokens Issued On Ethereum Blockchain

Jyoti  |  Jun 9, 2020

ConseSys Inc., the company which is headed by Joseph Lubin, has announced to launch a new compliance service to carefully observe the transaction processed by DeFi companies and exchanges that allow the trading of Ethereum blockchain tokens.

KYC Regulatory Compliance

Basically, the product’s focus would be on the KYC regulatory compliance requirements because, in recent time, it is the main concern of crypto firms.

A report by Bloomberg, on June 08, mentioned that soon the ConseSys would introduce its service in the market to help the DeFi projects and crypto exchanges in scrutinizing the trades which takes place using the tokens issued on the Ethereum network.

The decentralized applications development company would be analyzing over 280,000 Ethereum blockchain issued coins transactions. While doing so, it would also concentrate on those crypto exchanges and DeFi companies that allows trading activities using automated software.

The executive at ConsenSys in London, Lex Sokolin, while sharing his review regarding the company’s new compliance service, said that presently, most of the people around the world are developing the decentralized apps and they could use the company’s service as a Lego piece.

He further specified, “What we are trying to do is make activity on the decentralized financial infrastructure much more safe, transparent, much easier to trace”.

ConsenSys Compliance Service Focuses On Ethereum Blockchain

In the current time period, most of the crypto exchanges rely on third-party compliance and analytics providers for examining the illegal activities.

The compliance service issued by the ConsenSys would be the first of its kind that will focus on Ethereum. Now as it has entered into the compliance market, the company hopes that its singular focus on Ethereum blockchain would help.

After the Bitcoin, the native currency of this decentralized platform i.e., Ether is the second-best crypto assets in the world.

An earlier report has mentioned that the Securitize which is supported by the Coinbase was using the smart contracts in Ethereum blockchain to develop its compliance services.

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