Astra Protocol, a leading decentralized KYC platform on Web3, has been witnessing significant growth as one of the most promising DeFi projects. It aims to solve real-world disputes using the expertise of trusted legal firms allowing DeFi applications to easily comply with any applicable regulations. Let us take a sneak-peak to understand how Astra is revolutionizing the blockchain ecosystem.
A Brief Primer
Since being founded in 2013, Astra has been making prolific strides in the world of crypto. It offers an on-chain dispute resolution system by adding a legal assurance layer to block-chain-based smart contracts. Simply put, it simplifies the process for any crypto protocols to meet know-your-customer (KYC) and anti-money laundering (AML) regulations without changing their underlying business models through its plug-and-play software.
Astra will act as a tool to resolve industry compliance issues by leveraging trusted legal firms’ expertise. At the same time, the platform will also preserve users’ anonymity and remain decentralized. In a statement, Damien O’Brien, Co-Founder and Executive Chairman at Astra Protocol said,
“Astra is set to achieve its mission of becoming the compliance service platform for Web3.”
In the recent few years, the world has seen a rapid rise of blockchain-based platforms and cryptocurrencies. DeFi has grown at an impressive pace with the global decentralized market expected to reach around a whopping $231.19 billion by 2030. However, given the volatility of the crypto market, investors and consumers continue to seek for reliable ways to save their assets.
The rising popularity of crypto adoption entails an increase in malicious hackers which could result in customers losing access to their funds. Furthermore, macroeconomic factors such as crippling inflation, consecutive interest rate hikes along with geo-political tensions have contributed to the ongoing bear market with consumers and business losing billions of dollars.
Why Choose Astra?
Astra Protocol wants to root out these issues and bridge the gap between the crypto industry to the broader financial sector. This web3 platform aims to add an on-chain layer of assurance and safety enabling smart contracts to automate business logic in a decentralized manner. Astra will deploy an on-chain dispute resolution system by adding a legal assurance layer to blockchain-based smart contracts. As a result, businesses, universities, governments, non-governmental organizations, and others will have safe access to new DeFi products.
Following the FTX debacle, several crypto platforms have filed for bankruptcy and many other companies are facing a severe liquidity crunch. Astra promises to improve institutional adoption in the crypto sectors as calls for improved regulations in the crypto space grow louder. It seems the DeFi project is determined on driving compliance in the cryptocurrency community using trusted law firms.
Despite a market downturn, Astra is fortifying its position by joining forces with several entities to help the DeFi sector comply with regulations that are outlined by the U.S. SEC and other regulatory authorities worldwide. Astra’s audit service will bring the financial regulatory standards of over 155 countries and more than 300 sanctions and watchlists to the crypto industry.
Astra’s Impressive Growth
Astra is Listing
Jan 16, 2023.
— Astra Protocol (@AstraProtocol) December 11, 2022
Last month, its native utility token ASTRA went public for the first time with the token going live on exchanges in January 2023. As part of Astra’s growth, it has partnered with several firms such as Republic Crypto, a web3 platform, Menthol protocol, a multi-chain decentralized sustainability protocol, LimeChain, a blockchain development consultancy among many others. In the official blogpost, Astra noted,
“Our Globally patented technology includes a new professional service layer called the Decentralized Legal Network (DLN), bringing major legal and audit companies on-chain. Our simple plug-in technology ensures crypto remains compliant with AML and KYC standards determined by society.”
In a short span of time, Astra has has already gained the support of partners like Huobi Ventures, Republic, KPMG, Tokensoft, and many others. It seems, the platform will make DeFi attractive to institutions with cutting edge features including KYC, AML, and data privacy regulations.
Due to increased regulatory certainty and Astra’s innovative service, businesses, governments, non-governmental organizations, and others will now have greater incentives to participate in this decentralized market. Kirstjen Nielsen, an American attorney who served as United States Secretary of Homeland Security, said,
“Astra protocol will assure regulatory compliance and enable efficient and fair dispute resolution.”