The developer of an internet-based Blockchain-Infrastructure for Web3 payments – Elrond Network – announced integration with blockchain analytics platform Anchain AI to improve compliance and prevent fraud. Elrond, a proof-of-stake protocol building infrastructure for blockchain-based digital payments, can process over 10,000 transactions per second (TPS) with 5-second latency and low cost.
- Elrond’s latest move to partner with AI-driven cybersecurity firm Anchain has validated his attempts to operate in compliance with regulatory requirements. Beniamin Mincu, CEO of Elrond Network, sees the collaboration as a meaningful step into the global financial system and says:
“International financial institutions and economies can operate and collaborate using our scalable architecture. It is therefore important that they have access to the highest standards of compliance and fraud prevention. Anchain AI is a great enabler in that regard.”
- According to a press release shared with CryptoPotatohas to be Elrond portfolio added an e-money license through successive acquisitions – a Virtual Asset Service Provider (VASP) license.
- In addition, the network plans to issue debit cards for residents of the European Economic Area. As the company moves into the payments business, regulatory compliance is becoming increasingly important to its prospects.
- In March, Elrond acquired payments company Twispay after receiving approvals from the Romanian Central Bank that allowed the project to operate within the EU. It also highlighted plans to issue stablecoins in the region.
- Dedicated to revamping the e-money utility and integrating blockchain technology, the company sees Anchain’s expertise in cybersecurity, compliance strategies and security risk monitoring as key to meeting institutional demand.
- Anchain has extensive partnerships with major financial institutions such as the US SEC and governments for compliance and forensic services. Elrond aims to leverage the company’s strength in such an area to ensure “safe and compliant operations”.
- The publication states that Anchain dUse Web 3 Analytics on Elrond to help organizations “Avoid interactions with addresses flagged for illegal activity, prevent fraud attempts, and help track and recover misappropriated digital assets.”
Source: Crypto News Deutsch