November 15, 2021
We talk a lot about DeFi and how it’s going to change the world by making cryptocurrency as easy and safe as online banking. But there are dangers in this field as well – and specialists are required to combat them. That’s why Kirobo is happy to have begun a partnership with PureFi – a company designing decentralized compliance tools that do not compromise the anonymity of its users.
Thanks to this deal, Kirobo users can use the protocol to investigate the source of crypto assets, while PureFi users will benefit from Kirobo’s range of DeFi tools. It also opens a door to future extensions of the collaboration, including yield farming opportunities and an integration between Kirobo and AML Safe, a PureFi sister project.
One of the dangers of cryptocurrency is that it is difficult to know where money has come from. Has it been involved in illegal activity? Of course, in this sense it’s no different to cash. But cash isn’t striving for mass adoption – it’s already everywhere. Crypto is in need of protocols that can reassure the traditional world that it is a legitimate means of exchange and remove the stigma of illegality that persists in the minds of some. In order to achieve this, the DeFi industry requires tools can combat money-laundering and terrorism financing. And besides that, crypto users have long been in need of a way to check if a project is a safe investment.
PureFi, a company based in Hong Kong, provides a solution based on analytics. Developed by AMLbot, PureFi provides VC (verifiable credential) certificates that can be used for legal verification. Based on analytics and AML/ATF providers connected to the blockchain by oracles, the encrypted certificates can be checked by whitelisted participants via zero-knowledge proofs.
PureFi’s vision aligns with Kirobo because we are also striving to provide a safer experience to crypto users and to encourage mass adoption. That’s why we’ve signed this partnership – the ability to perform background checks on digital assets, without the need for KYC procedures, will make people feel more confident to use their crypto and will bring more people into the ecosystem.