Israel-based developer of blockchain applications, Kirobo is joining forces with decentralized cross-chain protocol PureFi to emphasize on AML compliance through cross-integrating both projects’ proprietary systems.
The integration with PureFi, which provides compliance tools while maintaining the anonymity of users, will enhance the reach of Kirobo’s DeFi applications. Moreover, the collaboration will facilitate the company’s goal of providing efficient services to users in the global crypto ecosystem.
Kirobo has developed a technology that requires the recipient to enter a security code to complete the transfer. If a transfer is made to the wrong person by mistake, it will be cancelled as the recipient can’t confirm the transaction without the verification code. In addition, the company’s P2P Swap Button enables users to direct token swaps at their own prices.
The pilot is divided into several phases and will provide customers with access to the two companies’ respective capabilities. More specifically, PureFi Beta will be gradually integrated with Kirobo existing interfaces and other solutions.
At the initial phase, PureFi users will be able to use Kirobo’s undo button, which has been making considerable waves in the crypto community. Having safely processed nearly $2.0 billion worth of crypto transactions, the unique feature allows users to undo their crypto transfers if sent to the wrong address.
In addition, Kirobo’s users will be able to investigate the source of the sender’s funds, using PureFi’s transaction monitoring tool that helps them undertake AML monitoring and avoid financial crime.
“We are humbled to be partnered up with Kirobo! It always feels great to meet big believers in the potential of cryptocurrency and DeFi and find a way to be useful to each other. I am looking forward to the integration,” said PureFi CEO Slava Demchuk.
“Kirobo is proud to announce a partnership with PureFi, a specialist in AML certificates for DeFi users and operators. This collaboration emphasizes Kirobo’s two main goals: providing a safer experience to crypto users, and advancing the maturity of the crypto ecosystem,” added Kirobo CEO and Co-Founder Asaf Naim.
Kirobo-PureFi’s partnership comes at a critical time for the cryptocurrency industry, as the ability to monitor crypto transactions has become considerably more challenging with the introduction of new services such as DeFi products.
The cross-border and stateless nature of cryptocurrencies throws up different challenges as digital assets operators find themselves under increasing scrutiny from regulators over possible violations of securities and AML rules.
By combining the two worlds, users will be able to consolidate their risk management cycle, and reduce the time and cost spent on integrating compliance workflows. In the future, both companies plan to expand their collaboration to potentially include a farming campaign on the PureFi dashboard to incentivize Kirobo’s community and users.
“In addition, Kirobo is willing to facilitate an introduction to Chain Analysis to potentially integrate as an additional AML service provider in PureFi solutions. Last but not least, PureFi will facilitate integrating Kirobo’s solutions into another sister project, AML Safe,” the statement further reads.