Following the chainlink of the chainlink to unlock $ 100t in institutional crypto capital
Chainlink, a decentralized blockchain Oracle network for crosschain communication, has launched a compliance framework aimed at unlocking more than $ 100 trillion of institutional capital investors of capital for cryptocurrency space.
The decentralized oracle network announced The release of its automatic compliance engine (ACE) on Monday. The system provides a modular and standardized framework for regulating adherence to both traditional and Decentralized Finance (DEFI) Systems.
Chainlink said the new criteria will allow the creation of digital focused on digital assets and services throughout the public and private blockchain networks, including available digital identities, automatic policy implementation, compliance with the settlement of digital settlement of digital and regulated use of DeFI property.
ACE is currently in the early access for selected institutions and aims to unlock the $ 100 trillion worth of new capital to enter the blockchain economy, the announcement said.
The standard was built on the Chainlink Runtime Environment and launched in collaboration with market participants, including the financial apex group solution, the Global Legal Entity Identifier Foundation (GLEIF) and the ERC-3643 Association.
Existing processes of traditional finances are often fragmented and expensive, resulting in billions of dollars at costs for institutions.
Following the financial crime for US and Canada institutions cost $ 60 billion in 2023, according to a research Report by Lexisnexis and Forrester consulting.
The chainlink says that the framework of compliance with privacy includes existing Digital identity solutions and supports the same implementation of the onchain and offchain policy, which activates the institutional deployment of digital assets in a following way.
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Ace to unlock $ 100 trillion worth of institutional capital
ACE aims to make the digital asset faster, cheaper and more accurate, according to Sergey Nazarov, chainlink co-founder.
“If you make a digital possession and use the chainlink standard for compliance with digital possession, it will be better, cheaper, and faster than its traditional alternative,” Nazarov said, and adding:
“The Chainlink ACE is the standard of compliance and identification of the tokenized economy of the presented, along with the launch today that provides the final critical building block for more than $ 100 trillion to institutional capital to move onchain.”
Previous solutions often rely on manu -manu -risk processes and identity verification, which often resulted in double efforts in counterparts due to lack of transparency.
In contrast, chainlink architecture allows for logic to reuse, upgrade and implement any standard token, which it claims will result in smaller onboarding costs and complex operations.
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The Chainlink’s Compliance Engine is a “strong example of how the organization’s identity can be verified can enhance compliance with blockchain ecosystems,” according to Alexandre Kech, CEO of Gleif.
“While regulatory expectations are emerging in both digital and traditional finances, we encourage all financial institutions to explore with their providers of the solution of how VLEI’s adoption can boost trust, interoperability and auditability in their frameworks of compliance,” Kech said.
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