Astra Protocol has partnered with US law firm Squire Patton Boggs as the firm continues its efforts to equip the decentralized finance space with a compliance layer to unlock the future growth of the crypto capital markets.
Per a joint statement, the collaboration between the two firms includes, among other things, Squire Patton Boggs accepting ASTRA as its first DeFi payment method.
The Astra Protocol enables DeFi platforms and other crypto firms to adhere to applicable regulatory rules and guidelines worldwide, while keeping the unique decentralization aspect of their business. At an important time for the DeFi and blockchain space, the cooperation between Astra and Squire Patton Boggs offers an assurance layer to support the exponential growth of DeFi.
Squire Patton Boggs is the third-largest lobbying firm in the U.S. and one of the world’s top 30 law firms by total headcount and revenue. The company serve a diverse base of legal clients through 45 offices spanning 20 countries, with the largest offices located in Washington, London and Cleveland.
Astra Protocol utilizes a Proof of Trust system to ensure that funds are sent to the intended recipient and arrive safely at their correct destination. Even if something goes wrong, protocol’s developers explain that the system can address it and return the funds in a frictionless manner. Any problems may be resolved amicably with the integration of a built-in protection mechanism to the platform and associated smart contract to offer peace of mind in monetary transactions.
An extra-judicial and extra-jurisdictional dispute resolution system is a crucial component of firm’s patented technology stack.
This alliance also responds to a considerable increase in hacks, exploits, and other types of illicit activity, which are gathering steam with several regulators now require the operators of crypto venues to perform the same level of client due diligence as banks do.
Commenting on the partnership, Joe Crowley, a Senior Policy Advisor at Squire Patton Boggs, said: “ASTRA is the preeminent compliance protocol business within the DeFi industry that is able to give assurance to regulatory agencies as well as individual clients, which in turn will help boost confidence in DeFi’s legitimacy as a global industry”.
Sakhib Waseem, Chief Innovation Officer at ASTRA Protocol added: “We are extremely pleased with our partnership with Squire Patton Boggs and look forward to working with Congressman Crowley and his organisation. As we at the ASTRA Protocol define the next generation of decentralised global compliance structure across the DeFi industry, it is important to have key partners who understand the needs of both the crypto community and are in tune with the latest changes in the regulatory space”.
“Squire Patton Boggs have a great presence across the US and internationally, this partnership is another affirmation we have the latest understanding of regulatory enhancements around the world and can provide an industry leading standard to our customers and clients,” Sakhib concludes.