- Merkle Science’s industry-leading compliance product Compass solves compliance and security issues in the Web3 space.
- With Compass available on Stellar, it will allow developers on Stellar to build with absolute security and transparency.
On Wednesday, November 16, the predictive Web3 risk and intelligence platform Merkle Science announced its strategic partnership with the Stellar Development Foundation (SDF).
The Stellar Development Foundation is a non-profit that looks after the growth and development of the Stellar network, a decentralized blockchain designed for speed, utility, and affordability. As part of this partnership, Merkle Science will bring Compass, its industry-leading compliance product, to the Stellar blockchain network. This will help in providing the much-needed security and compliance to developers in the Stellar ecosystem.
As the world of Web3 is evolving at a very rapid pace, it has been facing major security and compliance challenges. These challenges have only grown bigger with the rapid growth of the Web3 market over the past few months. Also, with the increased operability among the blockchain networks, the number of high-profile hacks has also shot up to the tune of millions of dollars. Speaking on the development, Ian Lee, Director of Global Partnerships for Merkle Science said:
Merkle Science looks forward to maintaining a long-lasting relationship with SDF and adding value to the Stellar network’s burgeoning growth story. Merkle Science envisions a world powered by blockchain technology and is creating the infrastructure to enable crypto’s safe and healthy growth.
Our mission aligns perfectly with SDF’s mission of promoting greater financial inclusion. This integration takes us to the next level of addressing forensic and regulatory challenges within the web3 ecosystem.
Here’s how “Compass” will work
Merkle Science’s “Compass” is a behavior-based risk reporting and transaction monitoring system, now available on the Stellar Network. Thus, operators and developers building on the Stellar blockchain will have next-generation security on its platform.
Also, with the Compass monitoring system now available on Merkle, companies running on Stellar can offer their developers the next level of assurance against any scams and threats. Merkle Science’s Compass solution offers a frictionless interface and ease of integration. As a result, companies on Stellar can easily manage, assign, interconnect, and track cases while improving their operational efficiency.
Related: Stellar Lumens serves for 8 billion people as virtual debit card thanks to this new partnership
Thus, Merkle Science will introduce a completely new level of “transparency, security, and compliance” to the Stellar Network. Denelle Dixon, CEO and Executive Director of Stellar Development Foundation said:
This partnership stands as a milestone and solution in risk mitigation for the Stellar network. Merkle Science’s next-generation platform will make it possible for projects in the Stellar network to leverage crucial emerging solutions. Everyone enjoying the interoperability and speed that comes with building on Stellar may now experience industry-leading compliance tooling to match.
This partnership between Stellar and Merkle Science will certainly encourage more Web3 development on the platform. It could further lead to greater usability of its native token XLM. If the Web3 fire catches fast, XLM could rally all the way to $1 in the future.
Credit: Source link
