The developer of an Internet-scale blockchain infrastructure for Web3 payments – Elrond Network – announced an integration with blockchain analytics platform Anchain AI to enhance 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 harness that with AI-powered cybersecurity firm Anchain reaffirms its efforts to operate in compliance with regulatory requirements. Beniamin Minaku, CEO of Elrond Network, considered the collaboration a meaningful step forward in the global financial system, saying:
“International financial institutions and national economies can work and collaborate using our scalable architecture. It is therefore essential that they have access to the highest levels of compliance and fraud prevention. AnChain AI is a great enabler in this regard. “
- According to a release shared with cryptopotatoThrough successive acquisitions, Elrond has expanded its portfolio to include an e-money license – a Virtual Asset Service Provider (VASP) license.
- In addition, the network plans to issue debit cards available to residents of the European Economic Area. As the firm ventures into the payments business, compliance with regulatory bodies has become increasingly important to its prospect.
- In March, Elrond acquired payments firm Twispay after receiving approval from the Romanian Central Bank, which allowed the project to operate within the EU. It also highlighted plans to issue stablecoins in the region.
- The firm, dedicated to improving utility e-money and integrating blockchain technology, sees AnChain’s experience in cybersecurity, compliance strategies and security risk monitoring as a key to meeting institutional demand.
- Anchin has extensive partnerships with major financial institutions such as the US SEC and governments for services in compliance and forensics. Elrond aims to leverage the company’s strengths in such a field to ensure “safe and compliant operations.”
- The release states that Enchin will workDeploy Web 3 Analytics on Elrond, Help Organizations “Avoid interactions with addresses marked for illicit activity, prevent fraudulent attempts, and aid in the tracking and recovery of falsified digital assets.”
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