Cipher trace relies on Chainlink (LINK), in order to make DeFi adjustable

The Blockchain forensics company cipher trace, with its new technology “DeFi Compli” decentralized financial economy to the curb. While Chainlink is used.

Bitcoin stuck long as the sleazy image of the “Darknet currency”. This is because, among other things, therefore, that the former Darknet-trade platform of Silk Road was one of the first providers in BTC has been paid. At this time, the false assumption that Bitcoin Transfers be made anonymously widespread – much to the delight of the criminal investigation authorities. Law enforcement and Interpol have long found ways and means of illegal activities on the basis of Blockchain data can be determined. The help you receive from companies such as Chainalysis. Also, the cipher-trace is one of the more well-known companies that have committed to the Blockchain forensics now with the support of Chainlink.

Cipher trace takes DeFi target

Cipher trace develops solutions to make the crypto sector, financial market regulators and law enforcement authorities tangible. Coins with a particularly strong Privacy properties, such as the Monero (XMR), are the latter, by nature, a thorn in the eye. Accordingly, the company is also working on solutions to lift the veil to XMR transactions.

Also DeFi is one of those areas in the Kryptoversum, in which the long Arm of the law grabs frequently into the Void. Cipher trace had already voiced by the end of 2020, is the fear that the DeFi Space could become a Mecca of money laundering. A demonstrable case, has there been in the last year. The mastermind of the attack on the Bitcoin exchange Kucoin have washed from their prey (the equivalent of 275 million USD) a two-digit million amount in excess of the decentralized Exchange Uniswap. The Chainalysis confirmed.

The company has been presented with the “DeFi Compli” now, a new technology that is intended to help money laundering in the DeFi sector, advance the bolt.

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For DeFi Compli cipher trace has set up a Node in the decentralized Oracle network Chainlink. This network node provides AML (Anti Money Laundering) data of cipher trace for Smart Contracts provides. Thus, it should be possible to create DeFi applications, in accordance with the international Anti-money laundering guidelines. Also the financing of terrorist activities on DeFi platforms has to be combated, says Dave Jevans, CEO of cipher trace:

The 40 billion dollars, the protocols put in DeFi, the DeFi-exchanges and protocols to an even larger target. The position that sanctioned can’t use the addresses Defined for the financing of weapons of mass destruction programs, we must now belong to the main concerns of the DEXs. Cipher trace’s DeFi Compli Regulatory Compliance Oracle Chainlink can help DeFi protocols to achieve Compliance, which is necessary to ensure the long-term viability of crypto.

Chainlink is responsible to deliver to the Smart Contracts of DeFi applications with the AML data of cipher trace. In this way, to comply with the rules and DeFi applications emerge, the “equally for users, institutions, and governments” were, as in the wording of the press release means. Cipher trace sees it as an important step in order to transfer DeFi applications into the Mainstream.