HomeBlockchainConsenSys and the CodeFi Compliance platform

ConsenSys and the CodeFi Compliance platform

The renowned company ConsenSys, announced the launch of Codefi Compliance, an automated and streamlined compliance platform for monitoring the regulation of digital assets.

The new ConsenSys Codefi Compliance solution is part of Codefi‘s offering that already provides a range of trading and finance tools to simplify business for companies that require advanced tools.

This new tool offers a solution that goes beyond the simple KYC (Know Your Customer) as we are talking about solutions for AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism), thus allowing to manage digital assets in a fully compliant way, regardless of the jurisdiction in which they are located.

The solution is focused on the Ethereum blockchain and all its assets: ERC20 tokens can be exchanged without problems by applying this solution.

On top of that, this platform allows high-level tracking thanks to the introduction of KYT (Know Your Transaction) to keep track of all addresses and related movements and identify who made them.

In fact, when there’s a loss of funds due to an attack by hackers, the latter immediately look for a platform to be able to liquidate the stolen funds hoping not to find blacklists or entry barriers. KYT is supposed to help stop criminals and not allow them to sell stolen assets.

Along with Codefi’s compliance package, there are also other interesting tools such as risk assessment, risk management and risk investigation, allowing companies to evaluate in real-time the risks associated with different assets and thus help the company make certain decisions about whether or not to list a token.

The main motivation for this tool is to provide robust compliance to attract institutional investors, as reiterated by ConsenSys Codefi’s global co-head, Lex Sokolin:

“Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance. Codefi Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets”.¬†

Only recently there have been rumours about an integration between the Quorum blockchain and ConsenSys.

Moreover, in an exclusive interview, Consensys commented on the Ethereum projects and in particular on its version 2.0 that will introduce the new Proof of Stake consensus protocol.

The privacy of transactions 

In light of these increasingly advanced compliance tools, it is understandable to see that several blockchains are implementing solutions to increase transaction privacy.

For example, Litecoin (LTC) is integrating the MimbleWimble (MW) protocol for this purpose, while the TRON (TRX) blockchain is about to adopt the zk-SNARKS solution, announcing that it will be implemented next month.

Alfredo de Candia
Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.
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