PureFi Protocol and Shufti Pro Partnership
PureFi, a decentralized protocol that provides compliance tools while maintaining the anonymity of users, and Shufti Pro, an AI-based ID verification service provider, have signed an agreement concerning the integration of Shufti Pro’s ID verification into PureFi Protocol.
Roughly $144.3 billion passed through decentralized exchanges (DEXs) in 2020, but not all transactions involved legally obtained crypto.
Demand for Anti-Money Laundering/ Anti-Terrorism Financing (AML/ATF) compliance shows robust and positive growth. The interest in compliance is fueled by Financial Action Task Force’s (FAFT’s) willingness to compromise anonymity if the statistics continue to foresee a positive trend and the threatening regulations from the government to illegalize financial actions on the DeFi market. The partnership agreement between PureFi and Shufti Pro will commence by mid or end of August 2021. It will make it possible to pool their expertise to benefit the users and improve the reputation around DeFi.
“We are delighted with our partnership with PureFi for securing the DeFi industry against the recurring threat of money laundering. We are hopeful that our collaboration will strengthen trust, transparency, and AML/KYC compliance in the DeFi community”, stated Victor Fredung, CEO of Shufti Pro.
“After observing the rapid evolution of the DeFi market, we decided that now it was the right time to develop a product that will serve as the only legitimate gateway for mass adoption. We are incredibly delighted to become partners with Shufti Pro — it brings us a step closer!” said Slava Demchuk, the CEO of PureFi.
With the integration of Shufti Pro’s ID verification service, all PureFi users will now have a verified digital identity and be issued a Verifiable Credentials (VC) certificate by PureFi. VC certificates allow firms to validate information about end-users while protecting their privacy. Shufti Pro will verify the identity of every customer that is onboarded in real-time, allowing PureFi protocol Verifiers — Liquidity Pool Operators and regulators — to reference the issued VCs while maintaining the end-users anonymity independently.
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