PureFi x Kirobo Are Going to Make an Offer You Can’t Resist
14 Enero 2022 - 05:30AM
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Investigate The Source of The Sender’s Funds and Retrieve Crypto
Transfers Sent in Error The beauty of cryptography lies in endless
opportunities, and that’s attractive to many. Seeing the recent
shifts in capital flow, we can track the interest switching in
favor of Decentralized Finance (DeFi). Although it is risky due to
its high volatility, being such a young market like DeFi that’s
also unregulated carries some other, more significant threats. The
true danger lies in the lack of boundaries among the endless
opportunities, which eventually traps DeFi in becoming a large
playground for Money Laundering (ML) and Terrorist Financing (TF).
The absence of KYC and AML procedures adds another log on the fire.
Even the statistics demonstrate that money laundering via DeFi is
increasing – about $34 million of DeFi transactions in 2020 were
conducted by criminal actors. Luckily for crypto users, companies
like Ciphertrace, Chanalysis, PureFi, Hacken etc. are working to
decrease the gap between mass adoption and DeFi. Not a long ago,
PureFi, a decentralized protocol that provides compliance tools
while maintaining the anonymity of users, and Kirobo, a DeFi
technology company offering users the ability to retrieve crypto
transfers and the inventor of the Liquid Vault, entered into an
interesting collaboration that combines the best of both companies
and fights against the influx of illicit funds in the DeFi
industry. How? Let’s see. When doing a safe transfer, a user will
be able to check the counterparty they want to transfer crypto to
and decide whether to interact with a particular wallet or not. In
addition, the same user will be able to see the AML score of an
incoming transaction and decide whether to accept or reject it
based on the score results. In case of a high-risk score of a
sender, a receiver can easily “undo” the transaction protecting its
wallet from the dirty funds. The same applies to Safe P2P Swaps –
users will be able to see the AML score of each wallet that engages
in a swap interaction. Another exciting part of their collaboration
is the integration of PureFi that will take place within Kirobo’s
Liquid Vault. One of the planned features lets users check the
wallet that they use to create a Vault and figure out if it has an
adequate AML risk score on the early stage. Beyond that, Kirobo
users will be able to check the AML score of a DeFi pool or smart
contract before interacting with it, thanks to PureFi’s solution.
Since the Vault is also being developed and updated constantly,
other features such as PureFi’s AML checks and potentially KYC
elements will be integrated in the future. It will certainly be
interesting to see the further development of such initiatives.
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