7 of the biggest names in blockchain analytics have joined forces to help develop Qredo Compliance; the first Travel Rule solution that directly binds metadata to transactions.
Road Town, BVI, 31st May 2022 — TRM Labs, Elliptic, Chainalysis, ComplyAdvantage, Coinfirm, VASPNet, and Crystal Blockchain are opening their APIs to Qredo Compliance.
Collectively, they will be contributing to a solution for the biggest digital asset compliance challenge yet: The FATF Travel Rule. This is being rolled out globally, and requires all digital asset firms to share transaction data.
Qredo Compliance minimizes the regulatory burden by directly binding metadata to transactions, creating packets that can be automatically processed according to compliance frameworks, without the need for cumbersome reconciliation.
Qredo automatically routes the data packet via the best protocol, and is building interoperability with all major messaging systems including TRISA, TRP, TRUST, Sygna, VerifyVASP, and Notabene. Clients can use their own API keys to plug into existing compliance tooling.
Automation and streamlined workflows
Qredo creates a single packet containing the transaction and compliance metadata, which can be routed automatically according to set parameters — including amount, origin, destination and more. Thus clients can avoid cumbersome reconciliation, and manage risk by rejecting transfers before they pollute the asset pool.
Protected personally identifiable information (PII)
Personally identifiable information remains with the host, avoiding the creation of vulnerable centralized data repositories.
Following feature discovery and evaluation by the working group, the Beta of Qredo's Travel Rule solution is due in late Q2, 2022.
"Led by the sunlit states of Switzerland and Singapore, Travel Rule regulations are rolling out in jurisdictions globally,'' said Ben Whitby, VP of Strategic Partnerships and Regulatory Affairs at Qredo. "We've harnessed top industry talent for implementation and testing, and aim to ensure that all digital asset businesses have a solution that can be implemented with minimal disruption to existing workflows."
"The Travel Rule is an important step in the integration of crypto assets into the mainstream financial system", added Andrew Davidson, Chair of the OpenVASP Travel Rule Protocol Working Group. "Interoperability is critical to this adoption, which is why I'm excited to support Qredo's efforts to enable interoperability between different compliance protocols — including between leading players TRP and TRISA."
Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance. Qredo's Layer 2 blockchain protocol enables users to seamlessly transfer and settle BTC, ETH, and ERC-20 tokens. Assets are secured by Qredo’s advanced Gen 2.0 multi-party computation (MPC), which provides tier-1 bank security and institutional-grade governance.