Astra Protocol establishes compliance hub in Sandbox’s metaverse world

abdelaziz Fathi

Astra Protocol, which aims to provide the DeFi industry with a compliance layer while tapping into the future growth of the nascent sector, has set up a compliance hub in The Sandbox virtual world.

Astra Protocol

The new hub will arm the virtual metaverse world, which allows users to create and play games, with a decentralized compliance layer. Astra’s offering includes know-your-customer (KYC) and anti-money-laundering (AML) capabilities.

While the sector is quite promising, because it can yield higher revenues for game designers and artists, global regulators are conscious of financial services being carried out in the emerging space.

The Sandbox’s virtual gaming world, which counts a host of name-brand backers, enables users to monetize their time spent in the metaverse via a play-to-earn model. Astra compliance hub’s purpose is to ensure that the metaverse ecosystem can stick to the rules set out by global regulators. As such, the startup has strengthened its ties with prominent legal service providers to provide the subsidiary of Animoca Brands with a legal layer that establishes confidence in their projects as a secure gaming environment.

To tackle these challenges, Astra Protocol has created a so-called ‘Decentralized Legal Network (DLN)’ consisting of major legal and audit firms to provide KYC/AML services. The DLN covers jurisdictions in 195 countries to ensure that regulations can be met almost anywhere globally.

Furthermore, the ability to more easily comply with compliance standards could prove to be a cost-saving measure for all parties in the space. This is even more important as the project is still in its very early stages, with a wider array of functions expected to rollout in the coming months.

The Sandbox’s users can head to Astra’s compliance hub, connect to its DLN, gain accreditation, and receive a non-transferrable NFT, which grants them privileged access to special events.

Jez Ali, the founder of Astra Protocol, said, “We are delighted to announce the Astra Protocol’s entry into the metaverse with our first plot in The Sandbox. The future of metaverse development will be a long-lasting and innovative mission which has already shown incredible growth and is an exciting area of Web3. By deploying the first Compliance Hub in the metaverse, we can support this growth by adding a layer of protection for users across the world.”

While this news itself is certainly attention-getting, Astra Protocol said it’s even more impressive considering that it coincides with securing recognised partnerships with the world’s leading legal and auditing firms. Their recent alliance with Astra aims to support the latter’s mission to provide a fully decentralized platform that carries out the necessary compliance checks on behalf of various blockchain, crypto, and DeFi platforms.

Astra Protocol had recently closed on a strategic investment round of $9 million. The weighty funding round was bankrolled through a token raise backed by a group of reputable crypto-centric investment funds.

“The Metaverse is a truly exciting space, attracting customers from a blend of crypto native and major corporates. The Astra Protocol is entering into this space with our first plot in Sandbox and is our first of many plans to integrate our services across the decentralised world. By deploying the first Compliance Hub, we can support this growth by adding a layer of protection for users across the world,” Jez Ali concludes.

 

Read this next

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<