As the world of DeFi has matured, the new financial market is becoming quite prominent every day – at least according to Astra Protocol.
The company’s purpose is to ensure that DeFi protocols and other crypto organisations can stick to the rules set out by regulators – not just in the US but also in Europe and the rest of the world.
Astra Protocol’s technology utilises legal professionals to provide a security layer that does not compromise decentralisation.
Coin Rivet talked with Astra Protocol’s CEO – Sakhib Waseem – who explained Astra was the tool that facilitated the growth of DeFi in a safe way.
Waseem confirmed that the company was currently in the process of launching its ASTRA Token, which he describes as “a very exciting process”, and added there would be further updates to follow.
“We are helping platforms and their users navigate regulatory compliance,” he said.
“Effectively, we have created the first decentralised compliance protocol, which can be used by DeFi applications to manage the onboarding process and services such as KYC, AML, travel rule and regulatory reporting for 127 countries.”
Waseem added that DeFi had been incredibly successful, So much so that, while currently being largely retail-based, it has enticed traditional institutional firms.
“They see the incredible benefits of huge yield across many different platforms but their fears are focused on participating in defy without the necessary compliance, AML and regulatory oversight, and that’s where Astra comes in,” he said.
“We provide the checks and balances in a decentralized way that fits the traditional firms, the regulators, the crypto community and the DeFi apps.”
The CEO went on to explain that Astra Protocol sported a number of interesting features.
“We are firstly really proud of the fact that we are decentralised – we utilise a transparent matchmaking engine to connect users’ requests to the decentralized panel of adjudicators for those issues that they’re trying to resolve,” he said.
“Secondarily we’re very proud of the fact that this is powered by the ASTRA token which allows DeFi applications and the crypto community to be in control of how fast they want their compliance checks to be completed.
“The more tokens they push into the application, the faster they will be queued. We’re also incredibly proud of the fact that we have partnered with some of the major business advisory firms, audit firms and legal firms in the world to create the very first decentralised legal network.”
Astra Protocol’s own token
Coin Rivet asked Waseem about his prediction regarding the growing DeFi sector. He answered that he thinks DeFi is only at the start of a long journey.
“My prediction for the sector is that we will continue to see immense growth, we will see more mainstream adoption, but we will also see more regulatory involvement, more clarity on regulation and also the movement of large financial institutions into the ecosystem,” he suggested.
He also added that DeFi can be broken down into many different verticals.
“It is difficult for me to name all the ones that I love, but from a personal perspective, here are a few: DEX, UNISWAP, SUSHI, PANCAKE and an upcoming one is SUNDAESWAP,” he said.
“Beyond these, I’m also a big fan of 1inch. They have a great team and have an amazing product.
“Lending Protocols: AAVE and Compound both are doing incredibly well. Insurance: Nexus Mutual.”
Waseem also said the company would soon have some major announcements regarding partnerships in its release plan through to the end of the year and early next year.