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.
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.
